In the above figure, the short-run equilibrium is at the price level of ________ and real GDP of ________
A) 100; $15.5 trillion
B) 120; $16 trillion
C) 110; $15.5 trillion
D) 100; $16 trillion
C
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The total market demand for the wheat grown by U.S. farmers is
A) always equal to the total supply. B) completely or perfectly elastic. C) completely or perfectly inelastic. D) less than completely or perfectly elastic. E) unit elastic at the prevailing price.
Railroad construction in the late 19th century:
a. added little to economic fluctuations. b. strongly influenced capital formation. c. caused the three major financial crisis of that era. d. All of the above are correct. e. Only b and c are correct.
If the price elasticity of supply for computers is 0.8 in the short run, then in the long run we would expect a price elasticity of supply to be greater than 0.8
Indicate whether the statement is true or false
Based on general trends, which employee will earn the most?
a. Raul, who has a doctorate b. Lindsey, who dropped out of high school c. Carmi, who took some online classes after high school d. Benji, who earned an associate’s degree