Use the figure below to answer the following question.
An increase in supply would best be reflected by
A. a movement from point 3 to point 4.
B. a shift from supply curve C to supply curve A.
C. a movement from point 5 to point 4.
D. a shift from supply curve B to supply curve A.
Answer: B
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An increase in aggregate demand in the economy will have what effect on macroeconomic equilibrium in the long run?
A) The price level will rise, and the level of GDP will fall. B) The price level will rise, and the level of GDP will be unaffected. C) The price level will fall, and the level of GDP will fall. D) The price level will fall, and the level of GDP will rise.
The length of a loan is called the term.
Answer the following statement true (T) or false (F)
Being able to measure the behavior of the economy with statistics such as GDP
a. is useful only in the accounting sense. b. is all that is necessary in order for us to be able to understand macroeconomics. c. can be helpful in developing macroeconomic science, but is not useful for policy making. d. is a crucial step toward developing the science of macroeconomics.
A perfectly competitive firm will earn ________ economic profits in the range of output for which the firm's price is above its minimum average total cost.
A. positive B. zero C. negative D. Any of the above answers could be correct.