The significant increases in oil prices during the late 2000s was an example of
A) an aggregate demand shock that increased the price level and increased the rate of growth of real Gross Domestic Product (GDP).
B) an aggregate demand shock that reduced the price level and reduced the rate of growth of real Gross Domestic Product (GDP).
C) an aggregate supply shock that increased the price level and reduced the rate of growth of real Gross Domestic Product (GDP).
D) an aggregate supply shock that reduced the price level and increased the rate of growth of real Gross Domestic Product (GDP).
C
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The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________
A) population; production B) population; income C) population; GDP per capita D) production; population
Which of the following theories favor(s) a simple money growth rate rule?
a. real business cycle theory b. The monetarist theory c. new classical theory d. All of the above e. None of the above
If the quantity of a good or service demanded at the existing price is greater than the quantity supplied, ________ exists
A) a shortage B) a surplus C) market equilibrium D) All of the above are possible.
In the above figure, which part corresponds to an increase in the money wage rate?
A) Figure A B) Figure B C) Figure C D) Figure D