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5 Feb 2019

During the the Great Recession, the aggregate expenditure curve shifted downward and the short run aggregate supply curve and the aggregate demand noth shfted to the left.
True or False?

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Nelly Stracke
Nelly StrackeLv2
7 Feb 2019

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Related questions

Explain why the following statements are false.

a. “The aggregate-demand curve slopes downward because it is the horizontal sum of the demand curves for individual goods.”

b. “The long-run aggregate-supply curve is vertical because economic forces do not affect long-run aggregate supply.”

c. “If firms adjusted their prices every day, then the short-run aggregate-supply curve would be horizontal.”

d. “Whenever the economy enters a recession, its long-run aggregate supply curve shifts to the left.”

Explain why the following statements are false:<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

(a). The aggregate-demand curve slopes downward because it is the horizontal sum of the

demand curves for individual goods.

(b). The long-run aggregate-supply curve is vertical because economic forces do not affect

long-run aggregate supply.

(c). I firms adjusted their prices every day, then the short-run aggregate supply curve would

be horizontal.

(d). Whenever the economy enters a recession, its long-run aggregate-supply curve shifts to

the left.

When OPEC caused the price of oil to rise in the early 1970s, the:

a. aggregate demand curve shifted to the right.
b. aggregate supply curve shifted to the right.
c. aggregate supply curve shifted to the left.
d. price level in the economy fell.
e. aggregate demand curve shifted to the left.

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