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curve."},{"text":"A change in households’ disposable income.","correct":false,"explanation":"Disposable income mainly changes consumption and aggregate demand. The correct determinant of an SRAS shift is a change in firms’ production costs."},{"text":"A change in interest rates.","correct":false,"explanation":"Interest rates can influence investment and aggregate demand, but the direct determinant of SRAS shifts is firms’ production costs."},{"text":"A change in the exchange rate.","correct":false,"explanation":"Exchange-rate changes can affect demand and imported input prices, but the direct answer is a change in firms’ production costs."}]},{"id":"9beab95e-b8d0-4572-ad50-903184007a44","cardType":"basic","points":1,"front":"What happens to SRAS when money wage rates rise?","back":"SRAS shifts left because production costs increase.","mcqOptions":[{"text":"SRAS shifts left because production costs increase.","correct":true,"explanation":"Higher money wages increase firms’ labour costs. At each price level, firms supply less output, shifting SRAS left."},{"text":"SRAS shifts right because production costs increase.","correct":false,"explanation":"Higher costs reduce profitability and supply, so the curve moves left. A rightward shift would require lower production costs or greater productivity."},{"text":"SRAS shifts left because production costs decrease.","correct":false,"explanation":"Rising wage rates increase, rather than decrease, production costs. The resulting reduction in supply shifts SRAS left."},{"text":"SRAS remains unchanged because wages affect only demand.","correct":false,"explanation":"Wages are a production cost as well as income for households. Higher wage costs reduce short-run supply, so SRAS shifts left."}]},{"id":"3392dd24-a972-480a-b56a-244de3b53bde","cardType":"basic","points":2,"front":"Why does a rise in oil prices shift SRAS left?","back":"Oil is a key input, so higher prices raise costs at every output level.","mcqOptions":[{"text":"Oil is a key input, so higher prices raise costs at every output level.","correct":true,"explanation":"Oil is used directly or indirectly in many production processes. A price increase raises unit costs across the economy, shifting SRAS left."},{"text":"Oil is a final product, so higher prices raise demand at every output level.","correct":false,"explanation":"Oil is primarily an input into production, not merely a final product. Higher input costs shift SRAS left, rather than raising aggregate demand."},{"text":"Oil is a key input, so higher prices reduce costs at every output level.","correct":false,"explanation":"A higher price for an important input increases firms’ costs. This reduces short-run supply and shifts SRAS left."},{"text":"Oil is a luxury good, so higher prices reduce imports at every output level.","correct":false,"explanation":"Oil’s importance comes from its role as a production input, not from being a luxury good. Higher oil costs shift SRAS left."}]},{"id":"136eac76-a898-4afb-a1db-6d3cac560fd6","cardType":"basic","points":1,"front":"What happens to SRAS when the production tax increases?","back":"SRAS shifts left because firms’ costs rise.","mcqOptions":[{"text":"SRAS shifts left because firms’ costs rise.","correct":true,"explanation":"A higher production tax increases the cost of supplying goods and services. Firms supply less at each price level, shifting SRAS left."},{"text":"SRAS shifts right because firms’ costs rise.","correct":false,"explanation":"Rising costs reduce the quantity firms are willing to supply. Therefore SRAS shifts left; a rightward shift follows falling costs."},{"text":"SRAS shifts left because firms’ costs fall.","correct":false,"explanation":"Increasing a production tax raises firms’ costs, rather than lowering them. The higher costs cause a leftward SRAS shift."},{"text":"SRAS remains unchanged because taxes affect only consumers.","correct":false,"explanation":"A production tax is charged on firms’ activity and directly raises supply costs. Consequently, SRAS shifts left."}]},{"id":"2d0c6e31-81fa-4a08-a938-0faa34212b36","cardType":"basic","points":1,"front":"What happens to SRAS when firms receive a production subsidy?","back":"SRAS shifts right because firms’ costs fall.","mcqOptions":[{"text":"SRAS shifts right because firms’ costs fall.","correct":true,"explanation":"A production subsidy lowers the effective cost of supplying output. Firms can supply more at each price level, shifting SRAS right."},{"text":"SRAS shifts left because firms’ costs fall.","correct":false,"explanation":"Lower costs improve firms’ profitability and increase supply. The curve therefore shifts right, not left."},{"text":"SRAS shifts right because firms’ costs rise.","correct":false,"explanation":"A subsidy reduces the effective cost of production. Rising costs would instead reduce supply and shift SRAS left."},{"text":"SRAS remains unchanged because subsidies affect only consumers.","correct":false,"explanation":"A production subsidy is paid to firms and changes their effective costs. This directly increases short-run aggregate supply, shifting SRAS right."}]},{"id":"de06aeaa-77ac-4aaf-ae73-e30308446c1e","cardType":"basic","points":2,"front":"What is the effect of an economy-wide oil price spike on the average price level and real output?","back":"

The average price level rises.
Real output falls.

","mcqOptions":[{"text":"

The average price level rises.
Real output falls.

","correct":true,"explanation":"An economy-wide oil price spike raises production costs and shifts SRAS left. The resulting equilibrium combines a higher average price level with lower real output."},{"text":"

The average price level falls.
Real output rises.

","correct":false,"explanation":"This is the outcome of a rightward supply shift, not an oil-cost shock. Higher oil costs shift SRAS left, raising prices and reducing real output."},{"text":"

The average price level rises.
Real output rises.

","correct":false,"explanation":"The price increase is correct, but higher costs restrict supply. Real output therefore falls rather than rises when SRAS shifts left."},{"text":"

The average price level falls.
Real output falls.

","correct":false,"explanation":"A leftward SRAS shift raises the price level as well as reducing output. The falling-price outcome confuses this with weaker aggregate demand."}]},{"id":"94819005-97fe-4ad8-9fba-f25141f9ad5d","cardType":"basic","points":1,"front":"What is the inflation caused by rising production costs called?","back":"Cost-push inflation.","mcqOptions":[{"text":"Cost-push inflation.","correct":true,"explanation":"Cost-push inflation occurs when rising wages, energy prices, taxes or other production costs shift SRAS left and push the general price level upward."},{"text":"Demand-pull inflation.","correct":false,"explanation":"Demand-pull inflation results from aggregate demand growing faster than productive capacity. Inflation caused by rising production costs is cost-push inflation."},{"text":"Imported deflation.","correct":false,"explanation":"Deflation means a sustained fall in the general price level. Rising production costs create cost-push inflation, which increases the price level."},{"text":"Structural unemployment.","correct":false,"explanation":"Structural unemployment describes a skills or occupational mismatch in the labour market. Inflation from increased production costs is called cost-push inflation."}]},{"id":"f118c8c1-c6f7-4106-8adc-b94f6d8e4f1d","cardType":"basic","points":1,"front":"What causes a shift in long-run aggregate supply?","back":"A change in the quantity or quality of resources.","mcqOptions":[{"text":"A change in the quantity or quality of resources.","correct":true,"explanation":"LRAS represents the economy’s productive potential. It changes when the available resources, such as labour, capital and land, change in quantity or quality."},{"text":"A change in the level of aggregate demand.","correct":false,"explanation":"Aggregate demand changes move the economy along its existing supply relationship. LRAS shifts when the quantity or quality of resources changes."},{"text":"A change in the average price level.","correct":false,"explanation":"A price-level change does not itself alter productive potential. LRAS depends on changes in the quantity or quality of resources."},{"text":"A change in the money supply.","correct":false,"explanation":"Money-supply changes primarily affect aggregate demand and nominal variables. LRAS shifts because the quantity or quality of resources changes."}]},{"id":"80eb43e3-f02d-478b-9d91-712bbc6e2ca3","cardType":"basic","points":2,"front":"How does an increase in the quantity of labour, capital or land affect LRAS?","back":"It shifts LRAS right by raising potential output.","mcqOptions":[{"text":"It shifts LRAS right by raising potential output.","correct":true,"explanation":"More labour, capital or land increases the factors available for production. The economy can produce more at full capacity, shifting LRAS right."},{"text":"It shifts LRAS left by raising potential output.","correct":false,"explanation":"Higher potential output means greater productive capacity, represented by a rightward shift. A leftward shift indicates reduced capacity."},{"text":"It shifts LRAS right by lowering potential output.","correct":false,"explanation":"Adding productive resources raises, rather than lowers, potential output. The correct explanation is a rightward LRAS shift caused by higher capacity."},{"text":"It leaves LRAS unchanged because resources affect only prices.","correct":false,"explanation":"Resources determine how much the economy can produce, not only prices. Increasing their quantity shifts LRAS right by raising potential output."}]},{"id":"c43fe891-f505-4889-ad8a-301285cb1394","cardType":"basic","points":2,"front":"How can education, training and technology affect LRAS?","back":"They improve productivity, shifting LRAS right.","mcqOptions":[{"text":"They improve productivity, shifting LRAS right.","correct":true,"explanation":"Education, training and technology allow existing resources to produce more output. This raises productivity and productive potential, shifting LRAS right."},{"text":"They reduce productivity, shifting LRAS left.","correct":false,"explanation":"Education, training and technology generally make resources more productive. They increase potential output and shift LRAS right."},{"text":"They improve aggregate demand, shifting LRAS right.","correct":false,"explanation":"These measures primarily improve productivity, not aggregate demand. Higher productivity increases productive capacity and shifts LRAS right."},{"text":"They improve consumer confidence, shifting LRAS left.","correct":false,"explanation":"Consumer confidence mainly affects consumption and aggregate demand. Education, training and technology raise productivity, causing LRAS to shift right."}]},{"id":"7f6c4987-1f4c-4815-b43d-e1b0f25f0970","cardType":"basic","points":2,"front":"Why does investment in new capital shift LRAS right?","back":"It expands the economy’s productive capacity.","mcqOptions":[{"text":"It expands the economy’s productive capacity.","correct":true,"explanation":"New capital equipment increases the economy’s ability to produce goods and services. This raises productive capacity and shifts LRAS right."},{"text":"It contracts the economy’s productive capacity.","correct":false,"explanation":"Investment adds to the capital stock, so it expands rather than contracts productive capacity. The resulting LRAS shift is rightward."},{"text":"It expands the economy’s aggregate demand only.","correct":false,"explanation":"Investment initially increases aggregate demand, but new capital also raises productive capacity. That capacity increase shifts LRAS right."},{"text":"It reduces the economy’s capital stock.","correct":false,"explanation":"Investment increases the capital stock through additions to equipment and infrastructure. This expands productive capacity and shifts LRAS right."}]},{"id":"1c6352ff-637e-4dfe-9d40-28f6aabac0bf","cardType":"basic","points":1,"front":"Which aggregate supply shift raises an economy’s trend rate of growth?","back":"A rightward LRAS shift.","mcqOptions":[{"text":"A rightward LRAS shift.","correct":true,"explanation":"A rightward LRAS shift represents increased productive potential. Sustained increases in potential output underpin an economy’s trend rate of economic growth."},{"text":"A leftward LRAS shift.","correct":false,"explanation":"A leftward LRAS shift reduces productive potential and therefore works against long-run economic growth. Growth is associated with a rightward LRAS shift."},{"text":"A rightward SRAS shift.","correct":false,"explanation":"A rightward SRAS shift can increase short-run output, but it does not necessarily raise the economy’s long-run productive potential or trend growth."},{"text":"A movement along LRAS.","correct":false,"explanation":"A movement along LRAS changes output in response to prices without changing productive capacity. Trend growth requires LRAS itself to shift right."}]},{"id":"8d29f425-b3b6-4975-a4e3-e4a00e9289d2","cardType":"basic","points":2,"front":"Why are LRAS changes generally more lasting than SRAS changes?","back":"LRAS changes affect the economy’s productive capacity, whereas cost shocks may unwind.","mcqOptions":[{"text":"LRAS changes affect the economy’s productive capacity, whereas cost shocks may unwind.","correct":true,"explanation":"LRAS changes usually reflect lasting changes in resources or productivity. SRAS cost shocks, such as temporary energy-price rises, can reverse when conditions normalise."},{"text":"LRAS changes affect the economy’s aggregate demand, whereas cost shocks may unwind.","correct":false,"explanation":"LRAS concerns productive capacity, not aggregate demand. Its changes are generally lasting because they reflect resources or productivity, unlike temporary cost shocks."},{"text":"LRAS changes affect the economy’s price level only, whereas cost shocks may unwind.","correct":false,"explanation":"LRAS changes alter potential output as well as influencing prices. Their lasting nature comes from changes in productive capacity, not prices alone."},{"text":"LRAS changes affect the economy’s consumer confidence, whereas cost shocks may unwind.","correct":false,"explanation":"Consumer confidence mainly influences aggregate demand. LRAS changes last longer because they alter productive capacity through resources or productivity."}]},{"id":"a75ce175-1586-4ae8-80b2-c87ab70da082","cardType":"basic","points":2,"front":"What determines whether an SRAS shift is temporary or permanent?","back":"The trigger: a one-off shock may reverse, but a permanent cost rise will not.","mcqOptions":[{"text":"The trigger: a one-off shock may reverse, but a permanent cost rise will not.","correct":true,"explanation":"The nature of the event determines duration. Temporary disruptions can unwind and return SRAS, while lasting increases in costs keep the curve shifted."},{"text":"The price level: a high price level makes every shift permanent.","correct":false,"explanation":"The price level does not determine whether a supply shock lasts. The trigger matters: temporary shocks may reverse, whereas permanent cost rises remain."},{"text":"The quantity of money: monetary growth makes every shift temporary.","correct":false,"explanation":"Money supply affects aggregate demand and does not classify supply shocks as temporary or permanent. The trigger and its persistence determine the outcome."},{"text":"The direction: every leftward shift is temporary, but every rightward shift is permanent.","correct":false,"explanation":"Either direction can result from a temporary or permanent event. The trigger determines persistence, not whether SRAS shifts left or right."}]},{"id":"566c9fd4-f64e-4c91-a351-dbefb415d794","cardType":"cloze","points":null,"front":"In the short run, factor prices are fixed, so SRAS is driven by [ ].","back":"In the short run, factor prices are fixed, so SRAS is driven by production costs.","mcqOptions":[{"text":"production costs","correct":true,"explanation":"With factor prices fixed in the short run, changes in firms’ production costs determine how much output they supply at each price level."},{"text":"aggregate demand","correct":false,"explanation":"Aggregate demand determines total planned spending and shifts the AD curve. Short-run aggregate supply is driven by production costs when factor prices are fixed."},{"text":"productive capacity","correct":false,"explanation":"Productive capacity determines long-run aggregate supply. In the short run, fixed factor prices mean SRAS responds primarily to production costs."},{"text":"consumer confidence","correct":false,"explanation":"Consumer confidence influences household spending and aggregate demand. It is not the short-run supply factor identified when factor prices are fixed."}]},{"id":"846e780c-07d8-45ce-8ce8-eeea0e3e87f3","cardType":"cloze","points":null,"front":"In the long run, factor prices adjust, so LRAS is determined by the quantity and quality of [ ].","back":"In the long run, factor prices adjust, so LRAS is determined by the quantity and quality of resources.","mcqOptions":[{"text":"resources","correct":true,"explanation":"LRAS reflects productive potential, which depends on the quantity and quality of resources such as labour, capital, land and enterprise."},{"text":"production costs","correct":false,"explanation":"Production costs are the key short-run aggregate supply determinant when factor prices are fixed. LRAS is determined by the quantity and quality of resources."},{"text":"aggregate demand","correct":false,"explanation":"Aggregate demand measures planned spending and does not determine productive potential. LRAS depends on the quantity and quality of resources."},{"text":"the average price level","correct":false,"explanation":"The average price level does not determine the economy’s productive capacity. LRAS is determined by the quantity and quality of resources."}]},{"id":"84b7e453-3b93-4e65-a1f9-b96eaa358d37","cardType":"cloze","points":null,"front":"A rise in money wage rates increases firms’ costs and shifts SRAS [ ].","back":"A rise in money wage rates increases firms’ costs and shifts SRAS left.","mcqOptions":[{"text":"left","correct":true,"explanation":"Higher money wages increase firms’ unit costs, reducing the quantity they are willing to supply at each price level and moving short-run aggregate supply accordingly."},{"text":"right","correct":false,"explanation":"A rightward movement would mean lower production costs or greater productive efficiency. Higher money wages raise unit costs, so the correct shift is leftward."},{"text":"upward","correct":false,"explanation":"Short-run aggregate supply is shown as shifting horizontally, not upward, when wage costs change. Higher wages increase costs and cause a leftward shift."},{"text":"downward","correct":false,"explanation":"A downward movement confuses a change along the curve with a shift. Rising wage costs reduce supply at every price level, producing a leftward shift."}]},{"id":"21baa38d-9468-424e-b7e9-2cdaf1ed29c0","cardType":"cloze","points":null,"front":"A subsidy to production reduces firms’ costs and shifts SRAS [ ].","back":"A subsidy to production reduces firms’ costs and shifts SRAS right.","mcqOptions":[{"text":"right","correct":true,"explanation":"A production subsidy lowers firms’ costs, making them willing to supply more output at each price level and shifting short-run aggregate supply accordingly."},{"text":"left","correct":false,"explanation":"A leftward shift would result from higher production costs, such as increased wages or taxes. A subsidy lowers costs, so the correct shift is rightward."},{"text":"upward","correct":false,"explanation":"Short-run aggregate supply does not shift upward in this diagram. Lower costs increase supply at every price level, creating a rightward rather than vertical shift."},{"text":"downward","correct":false,"explanation":"A downward movement suggests confusing a supply shift with movement along the curve. Production subsidies reduce costs and shift short-run aggregate supply rightward."}]},{"id":"b1b0c5f7-c3d5-4834-9816-b227a8d61e91","cardType":"cloze","points":null,"front":"Investment in new machinery and infrastructure raises productive capacity and shifts LRAS [ ].","back":"Investment in new machinery and infrastructure raises productive capacity and shifts LRAS right.","mcqOptions":[{"text":"right","correct":true,"explanation":"Investment in machinery and infrastructure increases the economy’s productive capacity, allowing more real output at each price level and shifting long-run aggregate supply accordingly."},{"text":"left","correct":false,"explanation":"A leftward shift indicates reduced productive capacity, perhaps because of capital destruction or a smaller workforce. New investment expands capacity, so the correct shift is rightward."},{"text":"upward","correct":false,"explanation":"Long-run aggregate supply is shifted horizontally when productive capacity changes, rather than vertically. Investment expands capacity and produces a rightward shift."},{"text":"downward","correct":false,"explanation":"A downward movement is not the diagrammatic effect of expanding productive capacity. New capital raises potential output, shifting long-run aggregate supply rightward."}]},{"id":"001b1891-46eb-44a1-90d7-5f6eed92b77b","cardType":"cloze","points":null,"front":"The macroeconomic axes should be labelled average price level and [ ].","back":"The macroeconomic axes should be labelled average price level and real output.","mcqOptions":[{"text":"real output","correct":true,"explanation":"Aggregate demand and aggregate supply diagrams measure the general price level vertically and the economy’s inflation-adjusted production horizontally, so these are the appropriate axes."},{"text":"nominal output","correct":false,"explanation":"Nominal output includes the effects of changing prices, which would obscure changes in production. Macroeconomic AD-AS diagrams use inflation-adjusted output, called real output."},{"text":"real income","correct":false,"explanation":"Real income measures purchasing power rather than the total quantity produced. The horizontal axis in the standard macroeconomic model records the economy’s real output."},{"text":"employment","correct":false,"explanation":"Employment can influence aggregate supply but is not the standard horizontal axis of an AD-AS diagram. That axis measures the economy’s real output."}]}]}],"examCountdown":null,"heading":"4.3.7 determinants of AS","title":"4.3.7 determinants of AS Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L37"}]}],"topicId":"fe52d992-d4b2-473e-a962-3a00a1217130","walled":"$L38"}],"$L39","$L3a"]