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)