A demand curves describes
a. the amount of units a consumer will purchase at a given price
b. the amount of units a producer will sell at a given price
c. both the amount of units that a consumer will buy and a producer will produce at a given price
d. the amount of units supplied given a change in prices
a
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Demand-pull inflation occurs:
a. at or close to full employment. b. because of excess total spending. c. when "too much money is chasing too few goods." d. all of these.
GDP will grow faster than real GDP if
A. deflation occurs in an economy.
B. imports exceed exports in an economy.
C. inflation occurs in an economy.
D. unemployment occurs in an economy.
Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity. B) a higher price and quantity. C) a lower price and the same quantity. D) a higher price and the same quantity.