Last year in the country of Union, the price level increased and real GDP increased. Such an outcome might have occurred because short-run aggregate supply ... and aggregate demand ...
What will be an ideal response?
did not change; increased
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In the economic world of production, there are either price makers or price takers. By price takers we mean that
a. firms buy goods as well as sell them, and when they buy goods at whatever price, they play the role of "takers" b. firms take control of their own markets, charging whatever price they think the market will bear c. firms take the market price as given d. firms create the price and consumers either take it or leave it e. the market takes whatever price the firms charge, which is how the downward-sloping demand curve is created
The local board of ____________ usually sponsors and maintains a multiple listing service (MLS).
Fill in the blank(s) with the appropriate word(s).
A change in business inventories is:
A. not counted in GDP because it does not represent final sales. B. counted in GDP as investment. C. counted in GDP as net exports. D. counted in GDP as consumption.
Suppose a currency's value in the foreign exchange market is determined solely by market supply and demand without any intervention by the government authority, the currency has
A. a gold standard. B. a price control in its exchange rate. C. a fixed exchange rate. D. a floating exchange rate.