Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 

A. Rising; B; C
B. Falling; A; C
C. Falling; A; B
D. Rising; A; C


Answer: D

Economics

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A) $0. B) -$335 billion. C) $140 billion. D) -$60 billion.

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If the demand curve is unit elastic, this implies that:

a. consumers do not react to a change in product price. b. the good can only be purchased in units of 1. c. this good has no good substitutes. d. the good is a basic food staple. e. the percentage change in the quantity demanded = the percentage change in product price.

Economics

Government has the power to reduce the _____ associated with air pollution by automobiles because it can force changes in car design, can impose taxes on drivers, and has the power to punish those who fail to comply

a. private cost b. transaction cost c. opportunity cost d. positive externality

Economics

During World War II,

a. government purchases of goods and services increased fivefold. b. the economy's production increased about 25 percent. c. unemployment fell to about 5%. d. All of the above are correct.

Economics