An increase in the price of milk would be shown by a:
A. rightward shift of the supply curve for milk.
B. movement up and to the right along the supply curve for milk.
C. leftward shift of the supply curve for milk.
D. movement down and to the left along the supply curve for milk.
B. movement up and to the right along the supply curve for milk.
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Use the following information to answer the next question.C = A + .875(Y - T)A = $10,000I = $2,000G = $2,500T = $1,000NX = $1,025What is the equilibrium level of real GDP?
A. $117,200 B. $116,200 C. $132,200 D. $16,525
Expenditures that are directly included in GDP accounts include
a. the value of housework done by householders b. the selling of illegal drugs c. playing tennis with friends on a Sunday afternoon d. casual labor in sweatshops that is unreported e. going to a Dodgers-Expos game on your day off
Keynes' great book offered the promise of ending depressions through
a. investors reacting to lower interest rates. b. consumers taking over the ownership of factories. c. government nationalizing key industries. d. government influencing aggregate demand.
If the economy is in a recession, and the government increases its spending to bring the economy back to its long-run equilibrium, the long-run level of output will:
A. increase, with higher prices. B. return, as will the original price level. C. return, with lower prices. D. return, with higher prices.