no relationship between and in the long run. 5. Take a look at the events in the table below. Place an "X" in the appropriate column depending on if the event would cause the LRAS to shift right or shift left Shift Right Shift Left (Increase) (Decrease) New technology increases labor productivity Jobs training programs increase human capital Large numbers of workers retire Natural resources are depletedTopic 3.3 & 3.4 SRAS and LRAS Name (Type your name here) 1. The short-run aggregate supply (SRAS) curve is upward sloping since wages and resource prices are in the short run. The SRAS shows there is a(n) relationship between and in the short run. 2. How does a change in the price level impact real GDP on the short-run aggregate supply? Increased Price Level: Decreased Price Level: 3. Take a look at the events in the table below. Place an "X" in the appropriate column depending on if the event would cause the SRAS to shift right, shift left, cause movement up, or cause movement down. F + Shift Right Shift Left Movement Movement (Increase) (Decrease) Up Along Down Along the Curve the Curve There is a decrease in energy prices There is an increase in wages There is a decrease in the inflation rate The government increases taxes on businesses The CPI increases There is an increase in worker productivity There is an increase in the expected rate of inflation 4. The long-run aggregate supply (LRAS) curve is vertical at the output since wages and resource prices are in the long run. The LRAS shows there is