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axis.","correct":true,"explanation":"The vertical axis measures the average price level, while the horizontal axis measures real output. Their intersection at AD and AS shows the macroeconomic equilibrium."},{"text":"The real output is on the vertical axis and average price level is on the horizontal axis.","correct":false,"explanation":"The axes are reversed here. In a standard AD/AS diagram, the average price level is vertical and real output is horizontal, allowing changes in both variables to be shown."},{"text":"The nominal output is on the vertical axis and real output is on the horizontal axis.","correct":false,"explanation":"AD/AS analysis uses the average price level rather than nominal output on the vertical axis. Real output remains the horizontal measure of the economy’s production."},{"text":"The average price level is on the horizontal axis and nominal output is on the vertical axis.","correct":false,"explanation":"This uses both the wrong orientation and the wrong output measure. AD/AS diagrams place average price level vertically and real output horizontally."}]},{"id":"7ac5dc9c-e31a-4fa4-887b-54920c9bd151","cardType":"basic","points":1,"front":"What causes movement along an AD or AS curve?","back":"A change in the price level.","mcqOptions":[{"text":"A change in the price level.","correct":true,"explanation":"A change in the price level changes the quantity demanded or supplied at existing curve conditions, causing movement along the relevant AD or AS curve."},{"text":"A change in consumer confidence.","correct":false,"explanation":"Consumer confidence is a non-price determinant of consumption and therefore shifts AD. Movement along AD or AS is caused by a change in the price level."},{"text":"A change in productive capacity.","correct":false,"explanation":"Productive capacity is a non-price determinant that can shift AS, especially LRAS. It does not cause movement along an existing curve."},{"text":"A change in interest rates.","correct":false,"explanation":"Interest rates influence consumption and investment, so they can shift AD. Movement along a curve results from a change in the price level."}]},{"id":"149e8ad0-9720-443b-98a7-7ce660314818","cardType":"basic","points":1,"front":"What causes an AD or AS curve to shift?","back":"A change in a non-price determinant, such as spending, costs or productive capacity.","mcqOptions":[{"text":"A change in a non-price determinant, such as spending, costs or productive capacity.","correct":true,"explanation":"Changes in non-price determinants alter demand or supply at every price level, shifting the whole AD or AS curve rather than causing movement along it."},{"text":"A change in the price level.","correct":false,"explanation":"A price-level change causes movement along an existing AD or AS curve. A shift requires a change in a non-price determinant such as spending, costs or capacity."},{"text":"A change in the equilibrium output, such as a change in production or employment.","correct":false,"explanation":"Equilibrium output is an outcome of the AD/AS model, not normally an independent cause of a curve shift. Non-price determinants such as costs or spending cause shifts."},{"text":"A change in the quantity demanded, such as a response to lower prices.","correct":false,"explanation":"A change in quantity demanded describes movement along AD following a price-level change. A shift in AD or AS requires a non-price determinant to change."}]},{"id":"3837679a-b71a-4a62-83ac-b94307d94a05","cardType":"basic","points":1,"front":"What is the aggregate demand identity?","back":"$$AD=C+I+G+(X-M)$","mcqOptions":[{"text":"$$AD=C+I+G+(X-M)$","correct":true,"explanation":"Aggregate demand equals consumption plus investment plus government spending plus net exports. Net exports are exports minus imports, so the identity is $C+I+G+(X-M)$."},{"text":"$$AD=C+S+T+(X-M)$","correct":false,"explanation":"Saving and taxation are leakages from the circular flow rather than direct components of planned expenditure. Aggregate demand is $C+I+G+(X-M)$."},{"text":"$$AD=C+I+G+(M-X)$","correct":false,"explanation":"This reverses net exports, treating imports as an addition and exports as a subtraction. The correct trade component is exports minus imports, $(X-M)$."},{"text":"$$AD=C+I+G+(X+M)$","correct":false,"explanation":"Adding imports overstates domestic demand because imports are spending on foreign output. They must be subtracted from exports, giving the net-export term $(X-M)$."}]},{"id":"24db4b93-c5dc-4c39-9792-901a03522609","cardType":"basic","points":1,"front":"What happens to AD when planned spending increases?","back":"Higher consumption, investment, government spending or net exports shifts AD right.","mcqOptions":[{"text":"Higher consumption, investment, government spending or net exports shifts AD right.","correct":true,"explanation":"Each component listed is part of aggregate demand. An increase in any one raises planned expenditure at each price level, shifting the AD curve right."},{"text":"Higher saving, taxation, imports or unemployment shifts AD right.","correct":false,"explanation":"These factors generally reduce domestic spending or raise leakages from the circular flow. Higher consumption, investment, government spending or net exports shifts AD right."},{"text":"Higher consumption, investment, government spending or imports shifts AD right.","correct":false,"explanation":"Imports are subtracted in the AD identity because they represent spending on foreign output. Higher imports, unlike higher net exports, tend to reduce AD."},{"text":"Higher wages, energy prices, business taxes or productivity shifts AD right.","correct":false,"explanation":"These are mainly supply-side cost or capacity factors affecting SRAS or LRAS. Planned spending increases shift AD right when its spending components rise."}]},{"id":"73db8730-6b33-4909-acca-118ace5eef7c","cardType":"basic","points":1,"front":"Name factors that can shift aggregate demand.","back":"Changes in confidence, interest rates, income, taxation or the exchange rate can shift AD.","mcqOptions":[{"text":"Changes in confidence, interest rates, income, taxation or the exchange rate can shift AD.","correct":true,"explanation":"These variables influence consumption, investment, government-related disposable income or net exports. Changes in them alter planned expenditure and shift aggregate demand."},{"text":"Changes in wages, energy prices, productivity, skills or technology can shift AD.","correct":false,"explanation":"These factors primarily affect firms’ costs or productive capacity, shifting SRAS or LRAS. AD shifts when demand-side conditions such as confidence or interest rates change."},{"text":"Changes in the price level, real output, unemployment, inflation or GDP can shift AD.","correct":false,"explanation":"Most listed variables are outcomes or axes within AD/AS analysis. A change in the price level causes movement along AD, while non-price spending determinants shift it."},{"text":"Changes in imports, saving, regulation, capital stock or labour productivity can shift AD.","correct":false,"explanation":"Imports and saving can affect demand, but the remaining factors mainly concern supply capacity; this is not the standard set of demand-shifting conditions. Confidence, rates, income, taxation and exchange rates are relevant."}]},{"id":"903dd139-b871-4167-b355-86ebf88ea8e6","cardType":"basic","points":1,"front":"What happens to SRAS when firms' production costs rise?","back":"A rise in wages, raw material prices, energy prices or business taxes shifts SRAS left.","mcqOptions":[{"text":"A rise in wages, raw material prices, energy prices or business taxes shifts SRAS left.","correct":true,"explanation":"These increases raise firms’ costs of production. At each price level, firms supply less profitably, so short-run aggregate supply shifts left."},{"text":"A rise in wages, raw material prices, energy prices or business taxes shifts SRAS right.","correct":false,"explanation":"Higher production costs reduce the amount firms are willing to supply at each price level, shifting SRAS left rather than right."},{"text":"A rise in productivity, capital stock, technology or skills shifts SRAS left.","correct":false,"explanation":"These improvements generally lower unit costs or increase productive efficiency, shifting supply right. Rising production costs, not higher productivity, shift SRAS left."},{"text":"A rise in consumer confidence, investment, exports or government spending shifts SRAS left.","correct":false,"explanation":"These are demand-side influences that primarily shift AD. SRAS shifts left when firms’ production costs rise, such as through higher wages or energy prices."}]},{"id":"c4b75d54-18f2-4a21-be6f-e0e128e79643","cardType":"basic","points":2,"front":"Why can higher productivity shift SRAS right?","back":"Higher productivity lowers unit costs and can shift SRAS right.","mcqOptions":[{"text":"Higher productivity lowers unit costs and can shift SRAS right.","correct":true,"explanation":"Productivity measures output per unit of input. When it rises, firms can produce more for each unit of cost, lowering unit costs and shifting SRAS right."},{"text":"Higher productivity raises unit costs and shifts SRAS left.","correct":false,"explanation":"The common misconception is that more output necessarily means higher costs. Higher productivity increases output per input and normally lowers unit costs, shifting SRAS right."},{"text":"Higher productivity lowers unit costs and shifts AD right.","correct":false,"explanation":"Productivity is primarily a supply-side factor. Its direct effect is to reduce unit costs and shift SRAS right, although wider economic effects may later influence demand."},{"text":"Higher productivity raises the price level and shifts SRAS left.","correct":false,"explanation":"Higher productivity normally allows firms to supply more at each price level, putting downward pressure on costs rather than shifting SRAS left."}]},{"id":"b6801ffd-0434-452d-b6a8-1f7c615b4aac","cardType":"basic","points":3,"front":"What determines long-run aggregate supply?","back":"LRAS reflects productive capacity, including factors of production, technology, investment, education, skills and regulation.","mcqOptions":[{"text":"LRAS reflects productive capacity, including factors of production, technology, investment, education, skills and regulation.","correct":true,"explanation":"Long-run aggregate supply represents the economy’s maximum sustainable output. It depends on the quantity and quality of resources, technology, investment, human capital and institutional conditions."},{"text":"LRAS reflects aggregate demand, including consumption, investment, government spending and net exports.","correct":false,"explanation":"Those components determine aggregate demand, not the economy’s long-run productive capacity. LRAS depends on resources, technology, investment, education, skills and regulation."},{"text":"LRAS reflects the price level, including inflation, deflation, interest rates and taxation.","correct":false,"explanation":"The price level is shown on the diagram and can affect movement along curves, but LRAS is determined by supply capacity and its underlying productive factors."},{"text":"LRAS reflects short-run production costs, including wages, energy prices, raw materials and business taxes.","correct":false,"explanation":"These costs mainly shift SRAS in the short run. LRAS reflects the economy’s sustainable productive capacity, including resources, technology and human capital."}]},{"id":"f295f983-afb6-40a6-ad16-ec70699722e2","cardType":"basic","points":1,"front":"How is underlying trend economic growth represented on an AD/AS diagram?","back":"Underlying economic growth is shown by a rightward shift in LRAS.","mcqOptions":[{"text":"Underlying economic growth is shown by a rightward shift in LRAS.","correct":true,"explanation":"Economic growth means an increase in sustainable productive capacity. On an AD/AS diagram, this is represented by LRAS moving right, indicating higher potential real output."},{"text":"Underlying economic growth is shown by a leftward shift in LRAS.","correct":false,"explanation":"A leftward LRAS shift represents a fall in productive capacity and therefore lower potential output. Underlying economic growth increases capacity and shifts LRAS right."},{"text":"Underlying economic growth is shown by a movement up along LRAS.","correct":false,"explanation":"Movement along a curve reflects a change in the price level, not a change in productive capacity. Growth shifts LRAS right as potential output expands."},{"text":"Underlying economic growth is shown by a rightward shift in AD.","correct":false,"explanation":"A rightward AD shift can increase actual output temporarily, but it represents stronger demand rather than underlying growth in sustainable capacity. Growth is shown by LRAS shifting right."}]},{"id":"6bb0601e-303f-4b5d-a775-f0b83a60dc93","cardType":"basic","points":1,"front":"Where is macroeconomic equilibrium?","back":"Where AD equals AS.","mcqOptions":[{"text":"Where AD equals AS.","correct":true,"explanation":"Macroeconomic equilibrium occurs where planned aggregate expenditure equals aggregate output supplied. On the diagram, this is the intersection of the AD and AS curves."},{"text":"Where AD exceeds AS.","correct":false,"explanation":"When AD exceeds AS, there is excess demand and firms face pressure to increase output and prices. Equilibrium requires AD and AS to be equal."},{"text":"Where AS exceeds AD.","correct":false,"explanation":"When AS exceeds AD, there is excess supply and unintended inventories may accumulate. The economy is in equilibrium only when aggregate demand equals aggregate supply."},{"text":"Where real output equals the price level.","correct":false,"explanation":"Real output and the price level are different variables measured on separate axes, so they are not equated. Equilibrium is defined by equality between AD and AS."}]},{"id":"d7240ef5-eba5-4cc9-8f7f-bab5fae59f95","cardType":"basic","points":2,"front":"What does macroeconomic equilibrium determine?","back":"It determines the equilibrium levels of real output and the average price level.","mcqOptions":[{"text":"It determines the equilibrium levels of real output and the average price level.","correct":true,"explanation":"The AD-AS intersection identifies the quantity of real output produced and the corresponding average price level at which planned demand equals total supply."},{"text":"It determines the equilibrium levels of nominal output and the unemployment rate.","correct":false,"explanation":"The diagram directly determines real output and the average price level. Nominal output and unemployment may be inferred or related, but are not the two axes identified by equilibrium."},{"text":"It determines the equilibrium levels of real output and the interest rate.","correct":false,"explanation":"Interest rates can influence AD but are not determined by the standard AD-AS intersection. Equilibrium gives real output and the average price level."},{"text":"It determines the equilibrium levels of the price level and the exchange rate.","correct":false,"explanation":"The exchange rate is a possible determinant of AD, not the second equilibrium variable on this diagram. The model determines real output alongside the average price level."}]},{"id":"d1e5a8ab-ea1b-4c0c-a091-5d91b97b7c17","cardType":"basic","points":2,"front":"What is the effect of a rightward shift in AD?","back":"A rightward AD shift raises both real output and the price level.","mcqOptions":[{"text":"A rightward AD shift raises both real output and the price level.","correct":true,"explanation":"With an upward-sloping short-run AS curve, stronger aggregate demand increases firms’ output and raises the average price level at the new equilibrium."},{"text":"A rightward AD shift lowers both real output and the price level.","correct":false,"explanation":"This reverses the usual demand expansion effect. A rightward AD shift creates upward pressure on output and prices, rather than reducing both."},{"text":"A rightward AD shift raises real output and lowers the price level.","correct":false,"explanation":"The price-level effect has been reversed. Along an upward-sloping SRAS curve, increased aggregate demand raises both real output and the average price level."},{"text":"A rightward AD shift lowers real output and raises the price level.","correct":false,"explanation":"This combines a supply contraction’s output effect with a demand expansion’s price effect. A rightward AD shift normally raises both output and the price level."}]},{"id":"b4c5f6b0-4e8f-4eef-9cfc-6138f8df4d78","cardType":"basic","points":2,"front":"What is the effect of a rightward shift in AS?","back":"A rightward AS shift raises real output and tends to lower the price level.","mcqOptions":[{"text":"A rightward AS shift raises real output and tends to lower the price level.","correct":true,"explanation":"An increase in aggregate supply allows more output at each price level. With demand unchanged, the new equilibrium usually has higher real output and downward pressure on prices."},{"text":"A rightward AS shift lowers real output and tends to raise the price level.","correct":false,"explanation":"These are the typical effects of a leftward supply shift. Greater AS increases the quantity supplied and tends to reduce price pressure."},{"text":"A rightward AS shift raises real output and tends to raise the price level.","correct":false,"explanation":"The output effect is correct, but the price effect is reversed. With AD unchanged, increased supply normally puts downward pressure on the average price level."},{"text":"A rightward AS shift lowers real output and tends to lower the price level.","correct":false,"explanation":"A lower price level alone does not imply lower output after an AS expansion. Greater supply capacity increases equilibrium real output while tending to lower prices."}]},{"id":"92e445e2-9577-4b81-8c5f-839c91343f3d","cardType":"basic","points":2,"front":"How can falling consumer and business confidence cause a negative demand shock?","back":"A fall in confidence reduces consumption and investment, shifting AD left.","mcqOptions":[{"text":"A fall in confidence reduces consumption and investment, shifting AD left.","correct":true,"explanation":"Lower confidence makes households more cautious about spending and firms less willing to invest. These reductions in consumption and investment lower planned expenditure and shift AD left."},{"text":"A fall in confidence increases consumption and investment, shifting AD right.","correct":false,"explanation":"This reverses the behavioural response to uncertainty. Lower confidence usually encourages precautionary saving and delays investment, reducing consumption and investment and shifting AD left."},{"text":"A fall in confidence reduces consumption and investment, shifting AS left.","correct":false,"explanation":"The spending reduction directly affects aggregate demand, not the economy’s supply capacity. It shifts AD left; AS changes when costs or productive capacity change."},{"text":"A fall in confidence increases saving and imports, shifting AD right.","correct":false,"explanation":"Higher precautionary saving reduces consumption, while higher imports reduce net exports. Both effects tend to lower AD, so the shock shifts AD left."}]},{"id":"b4a3826e-03bb-4d0c-a4c9-2cf4a8b16707","cardType":"basic","points":2,"front":"After a negative demand shock, why do output and prices fall?","back":"Excess supply at the old price level causes firms to cut output and prices, moving down along SRAS.","mcqOptions":[{"text":"Excess supply at the old price level causes firms to cut output and prices, moving down along SRAS.","correct":true,"explanation":"After AD falls, the old price leaves firms with unsold output. They reduce production and prices, creating movement down along the existing short-run AS curve to a new equilibrium."},{"text":"Excess demand at the old price level causes firms to increase output and prices, moving up along SRAS.","correct":false,"explanation":"This describes a positive demand shock rather than a negative one. A fall in AD creates excess supply, leading firms to reduce output and prices."},{"text":"Excess supply at the old price level causes firms to cut output and prices, shifting SRAS left.","correct":false,"explanation":"The immediate adjustment is movement along SRAS because the supply conditions have not changed. SRAS shifts only when a supply determinant, such as production costs, changes."},{"text":"Excess supply at the old price level causes firms to increase output and prices, moving up along SRAS.","correct":false,"explanation":"Unsold goods give firms an incentive to reduce, not increase, production and prices. The economy moves down along SRAS after the negative demand shock."}]},{"id":"4499fcd3-1ad8-456c-b4b0-32f9d01a7afa","cardType":"basic","points":3,"front":"What are the main macroeconomic effects of a negative demand shock?","back":"A negative demand shock causes lower output and prices, recession, rising cyclical unemployment and easing inflation.","mcqOptions":[{"text":"A negative demand shock causes lower output and prices, recession, rising cyclical unemployment and easing inflation.","correct":true,"explanation":"Reduced aggregate demand lowers firms’ sales and production, so real output falls. The weaker demand also reduces pressure on prices, while unemployed resources increase cyclical unemployment and inflationary pressure eases."},{"text":"A negative demand shock causes higher output and prices, expansion, falling cyclical unemployment and accelerating inflation.","correct":false,"explanation":"This reverses the effects of a demand contraction and describes an expansionary demand shock. Falling aggregate demand reduces output and prices, raises cyclical unemployment and eases inflationary pressure."},{"text":"A negative demand shock causes lower output and prices, expansion, falling cyclical unemployment and accelerating inflation.","correct":false,"explanation":"The output and price effects are plausible, but expansion, falling unemployment and accelerating inflation belong to rising demand. A negative shock causes recession and weaker inflationary pressure."},{"text":"A negative demand shock causes higher output and prices, recession, rising cyclical unemployment and easing inflation.","correct":false,"explanation":"The recession and unemployment effects fit falling demand, but the output and price directions are reversed. A contraction in aggregate demand lowers both output and the general price level."}]},{"id":"d63a5ff8-67fa-49d5-b22b-ff211e0f4052","cardType":"basic","points":2,"front":"Why does a negative supply shock cause stagflation?","back":"A negative supply shock causes higher prices and lower output, creating stagflation.","mcqOptions":[{"text":"A negative supply shock causes higher prices and lower output, creating stagflation.","correct":true,"explanation":"A negative supply shock shifts short-run aggregate supply left, reducing productive output while increasing firms’ costs. The combination of lower output and higher prices is stagflation."},{"text":"A negative supply shock causes lower prices and higher output, creating economic growth.","correct":false,"explanation":"These are the effects of a favourable supply shock, not an adverse one. Higher production costs shift short-run aggregate supply left, causing prices to rise while output falls."},{"text":"A negative supply shock causes higher prices and higher output, creating demand-pull inflation.","correct":false,"explanation":"Demand-pull inflation results from aggregate demand rising faster than productive capacity. An adverse supply shock instead restricts production, so output falls as prices increase."},{"text":"A negative supply shock causes lower prices and lower output, creating deflationary recession.","correct":false,"explanation":"Although output can fall during a supply shock, prices usually rise because production becomes more expensive. The defining combination is falling output with rising prices, known as stagflation."}]},{"id":"be4787d2-7fd0-45ee-a058-a5378dd1318b","cardType":"basic","points":2,"front":"What can happen when AD and AS both shift right?","back":"A consumer boom shifts AD right, while a productivity gain shifts AS right; output may rise strongly with little inflation.","mcqOptions":[{"text":"A consumer boom shifts AD right, while a productivity gain shifts AS right; output may rise strongly with little inflation.","correct":true,"explanation":"The consumer boom raises aggregate demand, while improved productivity increases aggregate supply. Because both shifts support higher output, the price-level increase may be limited."},{"text":"A consumer boom shifts AD right, while a productivity gain shifts AS left; output may fall with strong inflation.","correct":false,"explanation":"The productivity gain should shift aggregate supply right by lowering unit costs or raising capacity. A leftward supply shift would instead represent worsening productivity and create stronger inflation."},{"text":"A consumer boom shifts AD left, while a productivity gain shifts AS right; output may rise with little inflation.","correct":false,"explanation":"A consumer boom increases consumption and therefore shifts aggregate demand right. The supply effect is correctly identified, but the demand direction is reversed."},{"text":"A consumer boom shifts AD right, while a productivity gain shifts AS right; output may rise slightly with strong inflation.","correct":false,"explanation":"Both shifts can raise output, but the rightward supply shift offsets some demand-side upward pressure on prices. Therefore output may rise strongly with relatively little inflation."}]},{"id":"0dbdeb60-58ec-4fe1-a840-08f742e70222","cardType":"basic","points":1,"front":"What determines the final effect when AD and AS shift simultaneously?","back":"The net effect depends on the relative size of the two shifts.","mcqOptions":[{"text":"The net effect depends on the relative size of the two shifts.","correct":true,"explanation":"When aggregate demand and aggregate supply move simultaneously, their opposing effects on the price level and reinforcing effects on output must be compared. The larger shift determines the net result."},{"text":"The net effect depends on the direction of the two shifts.","correct":false,"explanation":"If both curves shift right, their directions are already known, but direction alone cannot show the final outcome. The relative magnitudes determine how strongly output and prices change."},{"text":"The net effect depends on the initial price level.","correct":false,"explanation":"The starting price level does not determine which shift dominates. The final outcome depends on the magnitude of the aggregate demand shift compared with the aggregate supply shift."},{"text":"The net effect depends on the number of firms in the economy.","correct":false,"explanation":"The number of firms may influence productive capacity, but it does not by itself determine the immediate combined effect. Comparing the sizes of both curve shifts is essential."}]},{"id":"f09c4a6b-337c-4763-95f8-1da2f758f3a8","cardType":"cloze","points":null,"front":"A change in the [ ] causes movement along an AD or AS curve.","back":"A change in the price level causes movement along an AD or AS curve.","mcqOptions":[{"text":"price level","correct":true,"explanation":"A change in the price level changes the quantity of output demanded or supplied along an existing curve. A shift requires a non-price determinant, such as income, costs or productivity, to change."},{"text":"real national income","correct":false,"explanation":"Real national income is a determinant of aggregate demand, so changing it shifts the AD curve rather than causing movement along it. A price-level change causes movement along the curve."},{"text":"unit labour costs","correct":false,"explanation":"Unit labour costs affect firms’ production costs and can shift short-run aggregate supply. They are a non-price determinant, whereas a price-level change produces movement along an existing curve."},{"text":"productive capacity","correct":false,"explanation":"Productive capacity influences long-run aggregate supply and shifts the curve when it changes. Movement along an AD or AS curve results specifically from a change in the price level."}]},{"id":"ebcd442e-214a-4ce0-924b-50dfa20fefcb","cardType":"cloze","points":null,"front":"A rise in firms' energy costs shifts [ ].","back":"A rise in firms' energy costs shifts SRAS left.","mcqOptions":[{"text":"SRAS left","correct":true,"explanation":"Higher energy costs raise firms’ production costs, reducing the amount they are willing and able to supply at each price level in the short run. SRAS therefore shifts left."},{"text":"SRAS right","correct":false,"explanation":"A rightward SRAS shift reflects lower production costs or improved short-run efficiency. Higher energy costs do the opposite, reducing supply at each price level and shifting SRAS left."},{"text":"LRAS left","correct":false,"explanation":"A leftward LRAS shift represents reduced productive capacity, such as a smaller labour force or lower long-term productivity. Energy costs primarily affect short-run production costs, shifting SRAS left."},{"text":"AD left","correct":false,"explanation":"Aggregate demand changes when spending components such as consumption, investment, government spending or net exports change. Energy costs directly affect firms’ supply conditions, so SRAS shifts left."}]},{"id":"510f30aa-ecba-42bd-bf73-867920617e67","cardType":"cloze","points":null,"front":"A rise in investment in capital shifts [ ].","back":"A rise in investment in capital shifts LRAS right.","mcqOptions":[{"text":"LRAS right","correct":true,"explanation":"Investment in capital increases the economy’s productive capacity over time. This allows more output to be produced at each price level, shifting long-run aggregate supply to the right."},{"text":"LRAS left","correct":false,"explanation":"A leftward LRAS shift indicates reduced productive potential, often caused by falling productivity or a smaller workforce. Investment in capital expands capacity, so LRAS shifts right."},{"text":"SRAS left","correct":false,"explanation":"SRAS left represents higher short-run production costs or a temporary disruption. Capital investment increases productive capacity and is therefore associated with a rightward shift in LRAS."},{"text":"AD right","correct":false,"explanation":"Investment spending is a component of aggregate demand, so a rise in current investment can shift AD right. However, the stated increase in investment in capital also expands long-run capacity, shifting LRAS right."}]},{"id":"d92df5ef-8ec9-42e0-9337-1080099a5b5f","cardType":"cloze","points":null,"front":"The combination of rising prices and falling output is called [ ].","back":"The combination of rising prices and falling output is called stagflation.","mcqOptions":[{"text":"stagflation","correct":true,"explanation":"Stagflation combines stagnating or falling real output with rising prices. It commonly follows an adverse supply shock, which raises production costs and reduces the economy’s output."},{"text":"deflation","correct":false,"explanation":"Deflation means a sustained fall in the general price level, so it does not describe rising prices alongside falling output. That combination is stagflation."},{"text":"demand-pull inflation","correct":false,"explanation":"Demand-pull inflation occurs when aggregate demand rises faster than productive capacity, normally increasing both prices and output. Falling output with rising prices is stagflation instead."},{"text":"economic growth","correct":false,"explanation":"Economic growth involves an increase in real output, whereas the described situation involves falling output. Rising prices combined with falling output is specifically called stagflation."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Paper 1"},"heading":"2.2.2 Aggregate demand and aggregate supply analysis","title":"2.2.2 Aggregate demand and aggregate supply analysis Flashcards","topbar":{"backHref":"/a-level/economics/aqa/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"ec1d9a6e-e47b-5c80-b19d-156dde4de37b","walled":"$L39"}],"$L3a","$L3b"]