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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 16

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

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

B

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

C

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

D

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

Markscheme

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

222 exam-style questions on AQA A Level Economics 2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts, covering 2.2.1 The circular flow of income, 2.2.2 Aggregate demand and aggregate supply analysis, 2.2.3 The determinants of aggregate demand, 2.2.4 Aggregate demand and the level of economic activity, 2.2.5 Determinants of short-run aggregate supply, and 2.2.6 Determinants of long-run aggregate supply. Each one has a worked solution and a mark scheme showing where the marks go.

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