How does a change in demand differ from a change in the quantity demanded?
a. A change in demand can only be caused by a change in price, whereas a change in quantity demanded can be caused by anything other than a change in price
b. A change in quantity demanded is a shift of the demand curve, whereas a change in demand is a movement along the demand curve.
c. A change in demand can only occur in the long run, whereas a change in quantity demanded is specifically short run.
d. A change in demand is a shift of the demand curve, whereas a change in quantity demanded is a movement along the demand curve.
e. A change in demand can only occur in the short run, whereas a change in quantity demanded is specifically long run.
D
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In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.
Suppose two economies, the United States and Saudi Arabia, each have a GDP of $1,000 . A U.S. war effort involves the purchase of $100 of Saudi oil, which is financed by selling $100 worth of U.S. government bonds to Saudi Arabia. During the war period,
a. U.S. civilian and war consumption stays at $1,000 while Saudi consumption falls to $900 b. U.S. civilian and war consumption increases to $1,100 while Saudi consumption stays at $1,000 c. U.S. civilian and war consumption increases to $1,100 while Saudi consumption falls to $900 d. U.S. civilian and war consumption stays at $1,000 and Saudi consumption stays at $1,000 e. U.S. civilian and war consumption stays at $1,000 while Saudi consumption rises to $1,100
Where do constraints come from?
What will be an ideal response?
If exports rise and imports fall, then:
A. GDP will increase. B. GDP will decrease. C. GDP may remain unchanged. D. net exports will fall.