In the short run, a supply shock that shifts the short-run aggregate supply curve leftward ________ real GDP and ________ the price level
A) increases; raises
B) decreases; raises
C) increases; lowers
D) decreases; lowers
B
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The most comprehensive measure of aggregate output is
A) gross domestic product. B) net national product. C) the stock value of the industrial 500. D) national income.
During the presidential campaigns, the candidates from each party typically describe their plans to maintain or change federal taxes on personal and business income. Are these policy statements generally positive or normative?
A) Positive B) Normative C) Both positive and normative D) Neither positive or normative
Refer to the above figure. Which of the above graphs represents an unequal income distribution?
A) Panel A B) Panel B C) Panel C D) Panel D
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the equilibrium price?
a. 20 b. 40 c. 60 d. 80