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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 23

The table below shows different sets of changes taking place in an economy.

Labour productivityWorld energy prices
ARisingFalling
BFallingRising
CRisingRising
DFallingFalling

All other things being equal, which one of the following combinations is most likely to have the effect of shifting the short-run aggregate supply (SRAS) curve for the economy to the left?

Combination A (Labour productivity: Rising; World energy prices: Falling)

Combination B (Labour productivity: Falling; World energy prices: Rising)

Combination C (Labour productivity: Rising; World energy prices: Rising)

Combination D (Labour productivity: Falling; World energy prices: Falling)

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