Aggregate Demand and Supply (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the shape of the short-run aggregate supply (SRAS) curve?
What is the shape of the short-run aggregate supply (SRAS) curve?
Upward sloping
What causes a movement along the SRAS curve rather than a shift?
What causes a movement along the SRAS curve rather than a shift?
Change in overall price level
How does an increase in wages affect the SRAS curve?
How does an increase in wages affect the SRAS curve?
Shifts SRAS leftward
Why are oil prices particularly important for aggregate supply?
Why are oil prices particularly important for aggregate supply?
Affect energy, transport & agriculture
What happens to SRAS when the exchange rate appreciates?
What happens to SRAS when the exchange rate appreciates?
SRAS shifts rightward
What is the shape of LRAS in the classical/monetarist view?
What is the shape of LRAS in the classical/monetarist view?
Perfectly vertical
What does the Keynesian LRAS curve show?
What does the Keynesian LRAS curve show?
Horizontal then steeper near full employ.
What does a vertical LRAS imply for demand-side policies?
What does a vertical LRAS imply for demand-side policies?
Only impact prices, not real output
Which factor increases the long-run productive capacity of an economy?
Which factor increases the long-run productive capacity of an economy?
Migration expanding workforce
How do improvements in education and training affect LRAS?
How do improvements in education and training affect LRAS?
Shift LRAS rightward