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2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts

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Question 15

A major oil-importing economy experiences a sudden and sustained increase in global crude oil prices. Assuming all other factors remain constant, this supply-side shock will result in

a shift in both its aggregate demand curve and short-run aggregate supply curve.

a shift in its short-run aggregate supply curve and a movement along its aggregate demand curve.

a movement along both its aggregate demand curve and short-run aggregate supply curve.

a shift in its aggregate demand curve and a movement along its short-run aggregate supply curve.

2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts Questions

  1. A Level
  2. /Economics
  3. /2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts