In the year _______ the stock market crashed, while the economy went into a major economic decline which lasted until the year ________.
Fill in the blank(s) with the appropriate word(s).
1929; 1933
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Figure 6-9
In 1983, government price supports raised the price of sugar above its equilibrium value. Which graph in Figure 6-9 illustrates the impact of sugar price supports on the sugar substitute fructose?
A. 1 B. 2 C. 3 D. 4
According to the expenditures approach, gross domestic product represents the sum of consumption spending, government spending, net exports, and net investment
a. True b. False Indicate whether the statement is true or false
The short-run aggregate supply curve slopes upward because: a. firms normally can purchase some inputs at prices that are temporarily fixed in the short run. b. firms seek maximum profits and always try to increase output in the short run
c. firms purchase inputs that increase in price as the price level rises in the short run. d. All of the above are correct.
If policy makers expand aggregate demand, they can lower unemployment ____, but only by ____
a. temporarily; decreasing inflation b. temporarily; increasing inflation c. permanently; decreasing inflation d. permanently; increasing inflation