Refer to the information provided in Table 21.5 below to answer the question(s) that follow. Table 21.5
Refer to Table 21.5. The value for gross private domestic investment in billions of dollars is
A. 360.
B. 400.
C. 440.
D. 510.
Answer: D
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Which of the following is true when an economy is in long-run equilibrium? a. Actual output can exceed potential output
b. Potential output can exceed actual output. c. Actual output must equal potential output. d. Real GDP must equal nominal GDP. e. Expected price level can exceed actual price level.
When economists say the quantity supplied of a product has increased, they mean the
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
During a recession, unemployment
a. increases b. decreases. c. is equal to the natural rate of unemployment. d. is frictional unemployment minus structural unemployment.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.