CH 26 AD & AS - University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor Michael G Lanyi CH 26 AD AS Use

CH 26 AD & AS - University of Lethbridge Department of...

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University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi CH 26 AD & AS Use the figure below to answer the following questions. Figure 26.1.1 1) Refer to Figure 26.1.1. Which graph illustrates what happens when factor prices decrease? A) (a) B) (b) C) (c) D) (d) E) (a) and (b) Topic: Aggregate Supply 2) Refer to Figure 26.1.1. Which graph illustrates what happens when factor prices rise? A) (a) B) (b) C) (c) D) (d) E) (a) and (b) Topic: Aggregate Supply 1
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3)Which one of the following newspaper quotations describes a movement along an LAScurve? A)"Growth has been unusually high the last few years due to more women entering the labour force."B)"The decrease in consumer spending may lead to a recession."C)"The recent tornadoes destroyed many factories in Calgary and Edmonton."D)"Recent higher wage settlements are expected to cause higher inflation this year."E)"The increase in consumer spending is expected to lead to inflation, without any increase in real GDP." Topic: Aggregate Supply 4)Which one of the following newspaper quotations describes a shift of only the SAScurve? Topic: Aggregate Supply 5)Which one of the following newspaper quotations describes a rightward shift of the LAScurve? Topic: Aggregate Supply 6)Which one of the following newspaper quotations describes a leftward shift of the LAScurve? Topic: Aggregate Supply
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