India's economic reforms began in
A) 1960.
B) 1978.
C) 1991.
D) 1998.
C
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In the above figure, if we start at AD1 and SRAS1, and the money supply increases unexpectedly, what would be the short-run equilibrium even with rational expectations?
A) P1 B) E2 C) E3 D) E1
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
The income of consumers increases. and the wage rate in the beef industry increases. As a result
A. the equilibrium quantity sold can either increase or decrease and the price can either increase or decrease, depending on whether the change in demand was greater than the change in supply. B. the equilibrium quantity sold increases and price can either increase or decrease, depending on whether the change in demand is greater than the change in supply. C. the price of beef stays the same and the quantity sold can either increase or decrease, depending on whether the change in demand is greater than the change in supply. D. the price of beef increases and the quantity sold can either increase, decrease or stay the same depending on whether the change in demand was greater than the change in supply.
Explain the rationale for the shape of the short-run aggregate supply curve in the immediate short run.
What will be an ideal response?