From the data in the above table, when the economy is in short-run equilibrium, if aggregate demand does not change, then as time passes the
A) short-run aggregate supply curve shifts rightward.
B) short-run aggregate supply curve shifts leftward.
C) long-run aggregate supply curve shifts rightward.
D) long-run aggregate supply curve shifts leftward.
B
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If the proportion of bad borrowers increases,
A) the lending interest rate increases. B) the lending interest rate decreases. C) the borrowing interest rate increases. D) the borrowing interest rate decreases.
As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are
A) substitutes. B) normal goods. C) complements. D) inferior goods. E) none of the above
A decrease in business taxes will tend to:
A. increase aggregate demand and increase aggregate supply. B. increase aggregate supply but not change aggregate demand. C. increase aggregate demand but not change aggregate supply. D. decrease aggregate supply and decrease aggregate demand.
Suppose that 50,000 tickets were sold at $400 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A. selling price was below equilibrium price. B. selling price was at equilibrium. C. the game was advertised too heavily. D. selling price was above equilibrium price.