Other things equal, an increase in aggregate demand will result in:
a. an economic expansion.
b. higher unemployment and a lower equilibrium price level.
c. an economic recession.
d. a decrease in equilibrium real GDP and an increase in the equilibrium price level.
e. a decrease in the overall economic welfare.
a
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Which of the following made monopoly and restraints of trade criminal offenses against the federal government?
A. Celler-Kefauver Act of 1950. B. Wheeler-Lea Act of 1938. C. Clayton Act of 1914. D. Sherman Act of 1890.
To have a monopoly in an industry there must be
A) barriers to entry so high that no other firms can enter the industry. B) a patent or copyright giving the firm exclusive rights to sell a product for 20 years. C) an inelastic demand for the industry's product. D) a public franchise, making the monopoly the exclusive legal provider of a good or service.