Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply.
B. a reduction in aggregate demand.
C. an increase in long-run aggregate supply.
D. an increase in aggregate demand.
Answer: B
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The unemployment rate is found by dividing the number of unemployed people by the
A) number of working individuals, and multiplying by 100. B) number of the working-age population, and multiplying by 100. C) sum of working individuals plus unemployed workers, and multiplying by 100. D) number in the labor force, and dividing by 100.
When the quantity of a good bought and sold is below the market equilibrium quantity, the loss of total surplus that results is called:
A. deadweight loss. B. producer surplus. C. consumer surplus. D. total surplus.
The U. S. has experienced inflation every year since 1959 due to
A. a sustained increase in aggregate supply accompanied by an even larger increase in aggregate demand. B. a sustained decrease in aggregate supply. C. a sustained increase in aggregate demand accompanied by an even larger decrease in LRAS. D. a sustained decrease in aggregate demand.
Which of the following is NOT a normative standard for income distribution?
A) the productivity standard B) the egalitarian principle C) rewarding people according to merit D) All of the above are normative standards.