Figure 10-18
As shown in , and assuming the aggregate demand curve shifts from AD1 to AD2, the full-employment level of real GDP is
a.
$10 billion.
b.
$4 billion.
c.
$100 billion.
d.
unable to be determined.
a
Economics
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Between 1870 and 1900, total land under cultivation
a. increased by roughly 25 percent b. increased by roughly 50 percent. c. more than doubled. d. increased fourfold.
Economics
Refer to Reducing Long-Run Labor Usage. The diagram illustrates the situation where
a. the long-run demand for labor is upward sloping.
b. the scale effect reinforces the substitution effect.
c. the higher wage raises the firm's long-run marginal costs.
d. labor is a regressive factor.
Economics