Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2.
B. P3 and Y1.
C. P2 and Y2.
D. P2 and Y3.
Answer: D
Economics
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The MRTS is currently -2. The wage rate is $15 per hour and the rental rate is $30 per hour. It follows that
a. the marginal product of capital is twice that of labor. b. the marginal product of labor is twice that of capital. c. the marginal product of capital is equal to that of labor. d. no statement about marginal productivity can be made without more information.
Economics
Generally, any human decision is
A) speculative. B) perfectly informed. C) irrational at its base. D) good.
Economics
[NeedAttention]
Exhibit 30-2
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Economics
If income were distributed equally our economic _________ would suffer.
Fill in the blank(s) with the appropriate word(s).
Economics