A rightward shift of the AD curve in the very steep upper part of the short-run AS curve will:
A. increase real output by more than the price level.
B. increase the price level by more than real output.
C. reduce real output by more than the price level.
D. reduce the price level by more than real output.
B. increase the price level by more than real output.
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Which one of the following would shift the aggregate demand curve to the left?
A) an increase in the money supply B) an increase in exports C) an increase in taxes D) an increase in government spending
If there is a rise in the price level, there is ________ in the quantity of real GDP supplied and a movement ________ along the AS curve
A) a decrease; downward B) an increase; downward C) a decrease; upward D) an increase; upward E) no change; upward
Explain why the average cost curve for the long run differs from that for the short run.
What will be an ideal response?
The idea of a Leviathan state was promoted by
a. Hobbes b. Smith c. Ricardo d. Mises e. Hayek