Suppose the economy is in long-run equilibrium. Concerns about pollution cause the government to significantly restrict the production of electricity. At the same time, taxes fall. In the short-run
a. real GDP will rise, and the price level might rise, fall, or stay the same.
b. real GDP will fall, and the price level might rise, fall, or stay the same.
c. the price level will rise, and real GDP might rise, fall, or stay the same.
d. the price level will fall, and real GDP might rise, fall, or stay the same.
c
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A) purchase; increases B) sale; decreases C) purchase; decreases D) sale; increases
What are explicit costs? What are implicit costs?
What will be an ideal response?
The coefficient of determination represents the ratio of the regression sum of squares to the total sum of squares
Indicate whether the statement is true or false
The definition of economic growth is the annual percentage
A) increase in the per capita real GDP. B) increase in the per capita nominal GDP. C) increase in the total nominal GDP. D) increase in total exports.