A restrictive monetary policy is designed to shift the:
A. aggregate demand curve rightward.
B. aggregate demand curve leftward.
C. aggregate supply curve rightward.
D. aggregate supply curve leftward.
B. aggregate demand curve leftward.
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You have data for sales of pizza for each of the 50 states in 2011. The type of graph to best display these data would be a
A) trend-line diagram. B) scatter diagram. C) multi-variable time-series graph. D) cross-section graph. E) time-series graph.
A recession runs from the
A) peak of the business cycle to its trough. B) peak of the business cycle to a recovery. C) expansion of a business cycle to its peak. D) trough of a business cycle to its peak. E) trough of a business cycle to its expansion.
Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03
These elasticities mean that beer and spirits are ________, and spirits and wine are ________. A) complements; substitutes B) substitutes; luxuries C) complements; luxuries D) normal goods; luxuries
Nominal GDP is output measured in ________ prices while real GDP is output measured in ________ prices
A) current; current B) current; fixed C) fixed; fixed D) fixed; current