A shift from AS1 to AS2 would be consistent with what economic event in U.S. history?
Refer to the graph above.
A. Demand-pull inflation in the late 1960s
B. Cost-push inflation in the mid-1970s
C. Full-employment in the late 1990s
D. Great Recession in 2007-2009
B. Cost-push inflation in the mid-1970s
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If real GDP decreases, there is
A) an upward movement along the demand for money curve and no shift of the curve. B) a leftward shift of the demand for money curve. C) no movement along the demand for money curve and the curve does not shift. D) a downward movement along the demand for money curve and no shift of the curve. E) a rightward shift of the demand for money curve.
Using the figure above, if Jack and Jill specialize and gain from trade, then
A) Jack specializes on the production of soda and water. B) Jack specializes in the production of soda. C) Jack produces equal amounts of gallons of water and bottled water. D) Jack specializes in the production of bottled water. E) Jack and Jill produce beyond their PPF.