P15. Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What happens to aggregate output and the price level in each case? a. The price level changes – b. Consumer confidence declines – c. The supply of resources increases – d. The wage rate increases –

Explanation:mm

a.When the price level changes

Both the demand and supply curve shifts.

The demand curve shifts upward and supplies curve shifts in a downward direction.

Aggregate output decreases.

Price level increases.

b.When consumer confidence declines

Both curves shift downwards.

Aggregate output decreases.

Price level decreases.

c.When the supply of resources increases

Only the supply curve shifts in an upward direction.

Aggregate output increases.

The price level decreases.

d.When the wage rate increases

Only the supply curve shifts in a downward direction.

Aggregate output decreases

The price level increases.

answer; /// i believe that the above statement is ( true ); the firms competencies are its strengths, the firm is likely to have the most success if it focuses on these finding customers whose needs it can meet using these

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know