An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply.
B. increase in aggregate demand.
C. increase in short-run aggregate supply.
D. decrease in aggregate demand.
Answer: D
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Refer to Table 13-1. What is the marginal revenue of the 3rd unit?
A) $6.50 B) $5.50 C) $1.83 D) $0.50
How income is distributed is typically measured using
A. The production of goods and services. B. Personal income. C. Wealth. D. In-kind income.
Which of the following is designed to measure unemployment in Ireland?
(a) The National Income & Expenditure Accounts. (b) The Quarterly National Household Survey. (c) The Household Budget Survey. (d) Consumer Price Index.
Answer the following statements true (T) or false (F)
1. The optimal quantity of a public good is where the total benefits from it are equal to the total costs of producing it. 2. If car makers are required to install gadgets to improve the cleanliness of car-exhaust, we would expect the equilibrium quantity in the car market to decrease. 3. If the lumber companies are required to internalize the negative externalities of deforestation, then we should expect the equilibrium price of wooden furniture to decrease. 4. The Coase Theorem suggests that the government does not have to be involved at all in resolving a market failure due to externalities.