Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher
B. higher; potential
C. lower; higher
D. lower; potential
Answer: B
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Bonzo is in business for himself making and selling Easter baskets. His daily cost for wicker is $100 and his daily revenue is $120. Bonzo quit his job at the Basket Weaving factory where he earned $15 a day, to enter the Easter basket business. Given this information, we know that his accounting profit
a. is $120 and his economic profit is $105. b. and economic profit are both $20. c. is $20 and his economic profit is $5. d. and economic profit are both $5.
Using the above figure. A rightward shift of the supply curve, ceteris paribus, would result in
A) dollar appreciation. B) euro appreciation. C) dollar depreciation. D) decreasing the equilibrium quantity of euros.
Suppose the Euros per Canadian dollar exchange rate is 4 . The aggregate price level in France is 100, and the aggregate price level in Canada is 80 . The real exchange rate between the two countries is _____
a. 2.5 b. 3.2 c. 5 d. 2.4
When did the government address auto emissions by requiring new cars to be fitted with catalytic converters?
a. 1945 b. 1970 c. 1984 d. 2012