An increase in aggregate demand causes an increase in ________ only in the short run, but causes an increase in ________ in both the short run and the long run
A) the price level; real GDP
B) real GDP; real GDP
C) the price level; the price level
D) real GDP; the price level
Answer: D
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Answer the following statement true (T) or false (F)
Intra-industry trade is the buying and selling of goods within ____________ industry/industries from one country to another.
a. different b. non-competitive c. the same d. multiple
How can the economy of China be characterized?
a. free market b. centrally planned c. mixed, but on the side of centrally planned d. mixed, but on the side of free market
"Economists assume people are selfish." Do you agree with this statement or not? Explain
What will be an ideal response?