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
Answer: B
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What type of intrinsic value or backing does U.S. currency have today?
A) none B) government bonds C) gold D) silver
Your friend is thinking of opening a video store. She estimates it would cost $500,000 a year to rent the store and buy video stock. She is planning to quit her $50,000 a year job as an accountant to run the store. Her opportunity cost of opening the store is
a. $500,000 b. $550,000 c. $50,000 d. $450,000 e. $60,000
There will be long-run pressure on the price to rise whenever
A. P>ATC.
B. P
GDP is calculated
A) on a monthly basis by the Bureau of Labor Statistics of the Department of Labor B) on a weekly basis by the National Bureau of Economic Research C) on a quarterly basis by the Bureau of Economic Analysis of the Department of Commerce D)on an annual basis by the Federal Reserve Board of Governors