If aggregate expenditure is less than GDP, how will the economy reach macroeconomic equilibrium?
a. Inventories will decline, and GDP and employment will decline.
b. Inventories will rise, and GDP and employment will decline.
c. Inventories will decline, and GDP and employment will rise.
d. Inventories will rise, and GDP and employment will rise.
b. Inventories will rise, and GDP and employment will decline.
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When drawn correctly and preferences are consistent, indifference curves do not intersect.
Answer the following statement true (T) or false (F)
Which statement is true?
A. There are at least a dozen different theories of poverty. B. The liberals and conservatives are in basic agreement about the causes of poverty. C. The liberals and conservatives are in basic agreement about how to solve the poverty problem. D. None of these statements are true.
Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit
A) there will be an excess demand for the product. B) there will be a shortage of that product. C) there will be an excess supply of the product. D) the quantity supplied of the product will be less than the quantity demanded of that product.
How is the unemployment rate calculated? Include in your answer the process by which the U.S. Census Bureau classifies the data it collects in its Current Population Survey
What will be an ideal response?