A decrease in the availability of an important major resource such as oil shifts
a. aggregate supply right.
b. aggregate supply left.
c. aggregate demand right.
d. aggregate demand left.
b
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Betty and Ann live on a desert island. With a day's labor, Ann can produce 8 fish or 4 coconuts; Betty can produce 6 fish or 2 coconuts
Ann's opportunity cost of producing 1 coconut is ________ and she should specialize in the production of ________. A) 8 fish per coconut; fish B) 2 fish per coconut; coconuts C) 6 fish per coconut; coconuts D) 0 fish per coconut; coconuts
What is the velocity of money?
A) The rate at which GDP increases in a year B) The speed of capital accumulation C) The rate at which money circulates through an economy D) The rate at which the Federal Reserve increases or decreases the money supply E) The rate at which the aggregate price level increases