Macro Module 15

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Which of the following would cause potential output to rise overtime?

All of the above

A decrease in the short-run aggregate supply curve is illustrated by a rightward shift.

F

In the long run, wages are fixed due to labor contracts.

F

The nominal wage rate has been adjusted for inflation.

F

The reason why the short-run aggregate supply curve is positively sloped is due to the fact that wages are fully flexible in the short run.

F

Businesses are hesitant to change wages in the short run in response to short-run economic fluctuations.

T

If commodity prices were to fall, then the short-run aggregate supply curve would increase.

T

In the short run, the firm's cost of production is fixed.

T

The long-run aggregate supply curve is vertical in the long run because the aggregate price level does not affect aggregate output in the long run.

T

Which of the following is a factor that can shift the short-run aggregate supply curve to the left?

When the firms' cost of production increases


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