What causes movement from point A to point B on the curve?
a. an increase in the price level from PL1 to PL2
b. a rightward shift in the short-run aggregate supply curve
c. an increase in real GDP from RGDP2 to RGDP1
d. a decrease in the price level from PL2 to PL1
a. an increase in the price level from PL1 to PL2
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In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours B) 3,000 hours; 4,000 hours C) 3,000 hours; 2,000 hours D) 4,000 hours; 3,000 hours
A variable that is essential to economic growth is:
A. savings. B. technology. C. capital. D. All of these are important to economic growth.
Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the:
A. equilibrium price and quantity will rise. B. equilibrium price and quantity will fall. C. equilibrium price will rise, but the change in equilibrium quantity is uncertain. D. equilibrium quantity will fall, but the change in equilibrium price is uncertain.
The lack of investment in developing countries is at least in part attributable to:
A. high levels of foreign aid. B. low levels of domestic savings. C. inappropriate education. D. overpopulation.