A rightward shift of long-run aggregate supply without any change in aggregate demand
A. will leave real GDP unchanged.
B. increases the price level without any change in real GDP.
C. results in a lower price level.
D. increases the price level along with an increase in real GDP.
Answer: C
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Use the following graph of the market for milk to answer the question below.
In this market, the equilibrium price is ________ and equilibrium quantity is ________.
A. $28 per gallon; 150 million gallons B. $1.50 per gallon; 30 million gallons C. $1.50 per gallon; 28 million gallons D. $1.00 per gallon; 35 million gallons
In this chapter, virtue can lead to material gain and therefore it can be an important part of the social order. Evaluate this view of virtue or moral behavior. Is material gaining a sufficient motive for morality? Is moral behavior based on more than the possibility for personal gain?
What will be an ideal response?
The chairman of the Federal Reserve Board of Governors:
A. Is elected by U.S. voters. B. Will typically change following each presidential election. C. Serves a four-year term and can be reappointed. D. Is always closely tied to the same political party as the president.
In ________ industries, a single firm has some control over the price of its output.
A. perfectly competitive B. all C. imperfectly competitive D. only government-regulated