All of the following SHIFT the short-run aggregate supply curve EXCEPT

Select one:

A. a change in wages as a result of a labour strike.

B. a change in the general price level.

C. a change in the price of oil

D. a change in the price of raw material

The objective of contractionary fiscal policy is to

Select one:

A. reduce unemployment

B. lower inflation

C. reduce money supply

D. increase economic growth

Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________.

Select one:

A. equals potential GDP

B. does not equal full-employment GDP

C. equals full-employment GDP

D. equals the quantity of real GDP supplied

Starting from short-run equilibrium, wage rates rise. What is the effect on the price level and Real GDP in the short run?

Select one:

A. The price level falls, Real GDP falls and unemployment rate rises.

B. The price level rises, Real GDP rises and unemployment rate falls.

C. The price level falls, Real GDP rises and unemployment rate falls.

D. The price level rises, Real GDP falls and unemployment rate rises.