Changes in which of the following shifts the aggregate supply curve?
i. the price level
ii. the money wage rate
iii. potential GDP
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
D
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If the market demand for oranges is relatively inelastic with respect to price, orange consumers
A) pay no attention to price in their purchasing decisions. B) will buy fewer oranges at any higher price and will spend less money on oranges. C) will buy fewer oranges at any higher price but will spend more money on oranges. D) will buy more oranges at any higher price. E) will buy more oranges only if their incomes increase.
The aggregate demand curve will shift to the right ________ the initial increase in government purchases
A) by less than B) by more than C) by the same amount as D) sometimes by more than and other times by less than