Which of the following would not cause a movement along the AD curve?
a. An increase in the price level.
b. A decrease in the price level.
c. A change in the interest rate caused by a change in the price level.
d. A change in autonomous consumption
e. Both a change in the interest rate caused by a change in the price level, and a change in autonomous consumption.
E
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Which of the following statements is true?
A) Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs. B) Economic costs include both explicit costs and implicit costs. C) An explicit cost is an actual cost; an implicit cost is a theoretical cost. D) An explicit cost is more important, dollar for dollar, than an implicit cost.
Potential GDP refers to the level of
A) real GDP in the short run. B) real GDP in the long run. C) nominal GDP in the long run. D) nominal GDP in the short run.
A monopolist has demand and cost curves given by:
QD = 1000 - 2P TC = 5,000 + 50Q a. Find the monopolist's profit-maximizing quantity and price. b. Find the monopolist's profit.
What is always true at the quantity at which average total cost equals average revenue?
a. economic profit is zero b. marginal cost equals marginal revenue c. economic profit is maximized d. revenue is maximized e. cost is minimized