"In the mid-1970s the price of oil rose dramatically. This" a. shifted aggregate supply left, the price level rose, and real GDP fell. b. caused U.S. prices to fall, and real GDP rose. c. caused an increase in U.S. prices and real GDP. d. caused a decrease in U.S. prices and real GDP.

Question

04-03-2020
Business

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"In the mid-1970s the price of oil rose dramatically. This" a. shifted aggregate supply left, the price level rose, and real GDP fell. b. caused U.S. prices to fall, and real GDP rose. c. caused an increase in U.S. prices and real GDP. d. caused a decrease in U.S. prices and real GDP.

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Answer: shifted aggregate supply left.

Explanation: aggregate supply is the total supply of goods and services available to a particular market from producers. It is the total supply of goods and services that organizations in a national economy plan on selling during a particular time period of time. It is a total amount of goods or services that firms are making available to sell at a given price at a particular period of time.