The quantity of real GDP demanded equals $16.2 trillion when the price level is 90. If the price level rises to 95, the quantity of real GDP demanded equals
A) less than $16.2 trillion.
B) $16.2 trillion.
C) more than $16.2 trillion.
D) more information is needed to determine if the quantity of real GDP demanded increases, decreases, or does not change.
A
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The World Bank formed the World Trade Organization when it became clear that to alleviate poverty in developing nations, agricultural trade barriers were going to have to be reduced
Indicate whether the statement is true or false
If resource prices are fixed and the selling price rises, then
a. profits will decrease. b. profits will increase. c. profits will remain constant. d. both profits and output will decrease.
The marginal product of any input into the production process:
A. is the constant ratio of inputs to outputs. B. is the increase in output that is generated by an additional unit of input. C. is the decrease in input that is generated by an additional unit of output. D. None of these is true.
Minimum-wage laws are an example of:
A. collective bargaining. B. wage rigidity. C. the discouraged-worker effect. D. insiders versus outsiders.