Economics Readings Site By Colin Ong

This blog has been created to provide an area for economics students to read about how economics impacts daily life. It is especially useful for students to understand the application of macroeconomics as communicated through the media and governmental websites.

This online resource has been set up for educational purposes.All rights are reserved by the various websites.

For further clarification, please email colin@mrmc.com.sg

MCQ 8

clipped from www.bized.co.uk
The upward-sloping aggregate supply curve indicates that


(Select one answer)






(a) * as firms increase their level of output, the cost of producing an extra unit increases

(b) * an increase in aggregate demand causes little, if any increase in real output

(c) * the economy is operating in the long run

(d) * any increase in aggregate demand causes the output of producers to fall because the general price level rises
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