Answered: Please see below. These are true or…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please see below. These are true or false questions.

1). The aggregate supply curve will shift left as the price of key inputs rises, and will shift out to the right if the price of key inputs falls.

2). Long-term economic growth is illustrated in the AD/AS framework by a gradual shift of the aggregate supply curve to the left.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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