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Oil price shocks have an evident impact on the short run aggregate supply curve. With the help of a graph demonstrate how rising oil prices affect the SRAS and explain what other factors can cause this shift.
Which one of the following is a microeconomic issue?
A. The rate of economic growth in Japan.
B. The South African inflation rate.
C. The price of maize in Lesotho.
D. The unemployment rate in Zimbabwe.
E. The total production of goods and services in Zambia.
Government set maximum prices to:
A. Keep the prices of basic foodstuffs low as part of policy to assist the poor
B. Avoid black market
C. Limit the production of certain goods and services
D. A and C
E. B and C
. The supply curve of a monopolist:
A. Is upward-sloping.
B. Is downward-sloping.
C. Is the rising part of MC.
D. Does not have a supply curve.
None of the above
Use the AD-AS model to explain the impact of a general increase in productivity on the general price level and the level of real production and income in the economy
. Any cost that varies with the output level is:
A. A fixed cost.
B. Negative marginal cost.
C. Implicit cost.
D. A sunk cost.
A variable cost
If the price of the product changes, we obtain the change in the ….by comparing the relevant points on the fixed demand curve.
A. Tastes and preferences
B. State of technology
C. Income of households
D. Prices of related products
Quantity demanded
If the price of the product changes, we obtain the change in the ….by comparing the relevant points on the fixed demand curve.
A. Tastes and preferences
B. State of technology
C. Income of households
D. Prices of related products
Quantity demanded
Restricting entry into an occupation will ________ supply into that occupation and ________ wages.
A. Increase; increase.
B. Increase; decrease.
C. Decrease; increase .
D. Decrease; decrease.
Decrease; not change
Why is an economy not in equilibrium when aggregate demand is not equal to aggregate supply?
#339914 on Dec 2023