The economy pictured in the given figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________.
A. recessionary; B
B. recessionary; C
C. expansionary; A
D. recessionary; A
Answer: D
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How has the globalization of financial markets affected the way in which countries conduct their economic policies?
What will be an ideal response?
The price of a good that prevails in a world market is called the
a. absolute price. b. relative price. c. comparative price. d. world price.
A decrease in the supply of nurses will the equilibrium wage and the equilibrium quantity of nursing services.
A decrease in the supply of nurses will .......... the equilibrium wage and ............ the equilibrium quantity of nursing services.
Which of the following is true?
A. In Bertrand oligopoly each firm believes that its rivals will hold their output constant if it changes its output. B. In oligopoly a change in marginal cost never has an effect on output or price. C. In Cournot oligopoly firms produce an identical product at a constant marginal cost and engage in price competition. D. None of the answers is correct.