Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________
A) equals potential GDP
B) equals full-employment GDP
C) does not equal full-employment GDP
D) equals the quantity of real GDP supplied
D
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Under ________ there are many firms selling identical products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Keynesians believe in
a. active management of structural deficits an minimal cyclical deficits. b. running structural budget deficits to stimulate output c. running large surpluses during expansions. d. active management of cyclical deficits and minimal structural deficits. e. both c and d.
Which of the following countries' economic development began with government encouragement of cartel formation?
a. United States b. Israel c. Brazil d. Germany e. Canada
The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process.
A. a constant B. a zero C. an increasing D. a diminishing