The trough of a business cycle occurs when ________ hits its lowest point
A) inflation
B) the money supply
C) aggregate economic activity
D) the unemployment rate
C
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In the above figure, if aggregate demand does not change, the long-run equilibrium will be at the price level of ________ and real GDP of ________
A) 100; $15.5 trillion B) 120; $16 trillion C) 100; $16 trillion D) 110; $15.5 trillion
When the price of a normal good decreases, the ________ can be divided between the ________, which keeps the best affordable point on the same indifference curve and the ________, which moves the best affordable point farther away from the origin
A) substitution effect; price effect; income effect B) price effect; income effect; substitution effect C) income effect; substitution effect; price effect D) price effect; substitution effect; income effect
Who bears the majority of a tax burden depends on whether the tax is placed on the buyers or the sellers
a. True b. False Indicate whether the statement is true or false
If the price of pizza is $10 this year and $15 next year, then 200 pizzas would contribute
A. $2,000 to this year’s GDP and $2,000 to next year’s nominal GDP. B. $3,000 to this year’s nominal GDP and $3,000 to next year’s nominal GDP. C. $2,000 to this year’s nominal GDP and $3,000 to next year’s nominal GDP. D. $3,000 to this year’s GDP and $2,000 to next year’s GDP.