Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B
If there is exceptionally good growing weather in the wapanzo bean growing region then supply will ________ and demand will ________. A) become case C; become case 1
B) become case C; stay at case 2
C) become case C; become case 3
D) stay at case B; become case 1
B
You might also like to view...
Starting from a situation of full employment, an increase in aggregate demand creates ________ and ________ the price level
A) an inflationary gap; raises B) a recessionary gap; lowers C) a recessionary gap; raises D) a recessionary gap; does not change E) an inflationary gap; lowers
In an apolitical world with a constant tax rate and program characteristics, the rate of return on Social Security contributions is equal to the growth in national income
a. True b. False
Which of the following macroeconomic variables would be drawn accurately as perfectly inelastic?
A. Aggregate demand B. Short-run aggregate supply C. Long-run aggregate supply D. None of these should be drawn as perfectly inelastic.
Farm productivity per acre grew most rapidly after
a. the Revolutionary War b. the Civil War c. World War I d. the 1929 stock market crash e. World War II