What was very unusual about the 2001 recession, was that consumer spending ________________________.
Fill in the blank(s) with the appropriate word(s).
continued to rise
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
If total revenue exceeds fixed cost, a firm
A) is making short-run profits. B) should produce in the short run. C) has covered its variable cost. D) may or may not produce in the short run, depending on whether total revenue covers variable cost.
A horizontal line has a slope of
a. one. b. zero. c. infinity. d. undefined.
The average price of goods and services in the economy is also known as
A) the price level. B) the inflation rate. C) a market basket. D) the cost of living.