The intersection of the aggregate demand curve and the short-run aggregate supply curve determines:
A. current output and current inflation.
B. current output, but not current inflation.
C. current inflation, but not current output.
D. potential output.
Answer: A
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If the costs of producing pizza increase, which will occur?
A) The supply of pizza will decrease. B) The demand curve for pizza will shift leftward when the price of a pizza increases. C) Pizza will cease to be produced and sold. D) The quantity of pizzas supplied will increase as sellers try to cover their costs. E) The demand curve for pizza will shift rightward when the price of a pizza increases.
The Edgeworth box:
A. is a diagram that shows two consumers' opportunities and choices in a single figure. B. can be used to illustrate equilibrium in a simple economy with no exchange. C. was first introduced by Paul Samuelson. D. shows the most worthy outcomes at the edges.
As price rises, quantity supplied
A. rises. B. falls. C. remains the same.
In business, the "bottom line" refers to the very last line of a(n):
A. income statement, which shows total revenue. B. balance sheet, which shows profit. C. balance sheet, which shows total income. D. income statement, which shows profit.