Question
Question 13 (1 point) Which of the following statements is true? a Changes that reduce per-unit production costs shift the aggregate supply (AS) curve to
Question 13(1 point)
Which of the following statements is true?
a
Changes that reduceper-unit production costs
shift the aggregate supply (AS) curve to the left. Changes that increase per-unit production costs shift the AS curve to the right.
b
Some key determinants of AS are input prices, and productivity.
c
A change ininput prices(of either domestic or imported resources) affects aggregate supply.
d
All of the above.
e
Only b) and c)
Question 14(1 point)
Which of the following statements is true?
a
An increase inlabor supplydecreases wages, reduces per-unit production costs, and then increases the AS.
b
If the supply of labor decreased (say due to older workers retiring in large numbers) wages would increase, per-unit production costs would increase, and the AS would decrease (the AS curve would shift leftwards).
c
Capital and land pricesaffect the AS curve in the same way that labor costs do. If their prices fall, the AS curve shifts rightwards; and if their prices increase, the AS curve shifts leftwards.
d
All of the above.
e
Only a) and b)
Question 15(1 point)
Which of the following statements is true?
a
Imported resources add to domestic supplies and act to reduce per-unit production costs, which increases aggregate supply.
b
A decrease in the price of imported resources, such as oil, increases per-unit production costs, which then decreases aggregate supply.
c
Exchange ratefluctuations can cause changes in per-unit costs.
d
All of the above.
e
Only a) and c)
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