Favorable Supply Shocks & Unfavorable Supply Shocks

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question 1 of 3

What would an unfavorable supply shock that leads to a leftward shift of the SRAS would most likely show?

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1. The short-run effects of an unfavorable oil shock would likely include which of the following?

2. How is an increase in the average price level in the economy along with a short run decrease in real GDP most likely caused?

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About This Quiz & Worksheet

There are many factors that can positively or negatively affect the supply needed to sustain an economy. This quiz and worksheet combination will test you on these factors and how they impact both business owners and consumers.

Quiz & Worksheet Goals

Students taking this quiz will be tested on:

  • Effects of an unfavorable supply shock
  • Short run effects
  • Real-world examples of supply shocks

Skills Practiced

Students will practice these related skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on favorable and unfavorable supply shocks
  • Critical thinking - apply relevant concepts to examine information about supply and demand in a different light
  • Distinguishing differences - compare and contrast favorable and unfavorable supply shocks
  • Knowledge application - use your knowledge to answer questions about ways supply shocks can affect an economy

Additional Learning

The lesson titled Favorable Supply Shocks & Unfavorable Supply Shocks provides an in-depth look into ways in which supply impacts an economy. The objectives of this lesson are to:

  • Explain the short run aggregate supply curve
  • Examine the role of weather in determining a supply shock
  • Discuss how the same supply shock can cause various results in different industries
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