If fiscal policy is used to close an expansionary gap, the _____
Fill in the blank(s) with the appropriate word(s).
aggregate demand curve shifts leftward and the price level falls.
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How many countries are in the EU as of January 1, 2014?
A) 9 B) 15 C) 17 D) 18 E) 25
Suppose all firms in the market have the same costs as illustrated above. Of the following, which is the most likely action for a manager of the firms to take?
A) Increase the price of their grain.
B) Shut down.
C) Advertise their product.
D) Attempt to keep other firms from entering the market.
As producers have more time to adjust to a price change, price elasticity of supply
a. increases b. decreases c. remains the same d. rises and then falls e. falls and then rises
Refer to the figure below. The deadweight loss at the market equilibrium quantity is equal to the area ________.
A. ½ × EF × AC B. ½ × FG × BD C. ½ × GH × BD D. ½ × FG × AC