What are the coordinates for the new long-run equilibrium?
a. P3 and Q3
b. P2 and Q2
c. P1 and Q1
d. P3 and Q2
a. P3 and Q3
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Given a downward-sloping aggregate demand curve, if short-run aggregate supply increases, real GDP must increase and nominal GDP must fall
a. True b. False Indicate whether the statement is true or false
The elasticity of savings with respect to interest rates is the percentage change in the quantity of savings divided by the percentage change in interest rates.
Select whether the statement is true or false. A. True B. False
If one person's consumption of a good does not preclude another's consumption, the good is said to be:
A. nonrival in consumption. B. rival in consumption. C. nonexcludable. D. excludable.
The Masstricht treaty set the budget ratio to GDP to be ________ in order for countries to qualify to join the Euro area
A) below 3% B) below 4% C) below 5% D) below 6%