13.8 For each of the following scenarios, choose whether the short-run aggregate supply (SRAS) curve will shift to the left or the right. The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This 1. SRAS shifts to the left subsequently drove up natural gas, gasoline, and heating oil prices. 2. SRAS shifts to the right Workers leave the country to seek out better opportunities in other countries.

13.8 For each of the following scenarios, choose whether the short-run aggregate supply (SRAS) curve will shift to the left or the right. The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This 1. SRAS shifts to the left subsequently drove up natural gas, gasoline, and heating oil prices. 2. SRAS shifts to the right Workers leave the country to seek out better opportunities in other countries.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

13.8 For each of the following scenarios, choose whether the short-run aggregate
supply (SRAS) curve will shift to the left or the right.
The invention of the cotton
gin ushered in the Industrial
Revolution and began a
long period of technological
innovation.
In 2005, Hurricane Katrina
destroyed oil and natural
gas refining capacity in the
Gulf of Mexico. This
subsequently drove up
natural gas, gasoline, and
heating oil prices.
1. SRAS shifts to the left
2. SRAS shifts to the right
Workers leave the country
to seek out better
opportunities in other
countries.
The economy receives an
influx of new workers from
immigration.
2.
2.

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