Aggregate supply (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
What does SRAS show firms are prepared to supply at any given overall price?
What does SRAS show firms are prepared to supply at any given overall price?
Output in the short run
LRAS represents output when an economy uses what?
LRAS represents output when an economy uses what?
All their factors of production
What is the shape of the SRAS curve?
What is the shape of the SRAS curve?
Upward sloping
Why does SRAS slope upward? Wages and prices are:
Why does SRAS slope upward? Wages and prices are:
Sticky or slow to adjust
What shape is the neo-classical LRAS curve?
What shape is the neo-classical LRAS curve?
Vertical line
Neo-classical economists support which approach to the economy?
Neo-classical economists support which approach to the economy?
Laissez-faire
When did John Maynard Keynes challenge neo-classical economists?
When did John Maynard Keynes challenge neo-classical economists?
1930s Great Depression
In Keynesian view, wages are 'sticky downwards' due to:
In Keynesian view, wages are 'sticky downwards' due to:
Trade union power and contracts
How many distinct segments does the Keynesian LRAS curve have?
How many distinct segments does the Keynesian LRAS curve have?
Three segments
In the Keynesian section, the curve is horizontal indicating:
In the Keynesian section, the curve is horizontal indicating:
Substantial spare capacity
What determines SRAS shifts?
What determines SRAS shifts?
Change in costs of production
A stronger domestic currency causes SRAS to shift:
A stronger domestic currency causes SRAS to shift:
Right (imported inputs cheaper)
LRAS shifts are caused by changes in:
LRAS shifts are caused by changes in:
Quality or quantity of factors