Recessions are identified by
a. severe and long-lasting phases of decreased output
b. high employment
c. constant output
d. decreasing output
e. low unemployment
D
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Which of the following are injections into the circular flow of income?
a. saving, investment, exports, and taxes b. investment, taxes, and imports c. saving, taxes, and imports d. investment, government spending, and exports
The mutually understood standards that people follow from experience are called norms
Indicate whether the statement is true or false
The ____ the demand curve for a good, the ____ the change in equilibrium quantity after a shift of the supply curve
a. flatter; greater b. flatter; smaller c. farther from the origin at every output level; greater d. farther from the origin at every output level; smaller
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.