For each scenario, identify the primary shift that occurs. In the flu pandemic of 1918, roughly...

For each scenario, identify the primary shift that occurs.

In the flu pandemic of 1918, roughly 3% of the population of the earth died, wiping out a large chunk of the available human capital of the planet. You can think of this as a massive decrease in the total resources available to society. What is the primary shift when this information is presented this way?

Question 5 options:

	Aggregate demand shifts to the right
	Short run aggregate supply shifts to the left
	Aggregate demand shifts to the left
	Long run aggregate supply shifts to the left
	Long run aggregate supply shifts to the right
	Short run aggregate supply shifts to the right

Expert Solution

Long run aggregate supply shifts to the left

Explanation: Long-run aggregate supply reflects the production potential of an economy. It depends on the availability of the productive factors. When there is a fall in the productive factors, the long-run aggregate supply shifts left.

Rahul Sunny answered 2 years ago

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Question

For each scenario, identify the primary shift that occurs. In the flu pandemic of 1918, roughly...

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Expert Solution

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