Which of the following fiscal programs is least likely to affect aggregate demand?
a. Defense spending
b. Road construction
c. Grants for scientific research and development
d. Social Security for women
e. Government purchases of labor
d
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A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
The price of a new textbook increased from $100 to $120 in one year, while the price of a used textbook increased by 10 percent. What happened to the relative price of a used textbook?
A. It remained constant. B. It increased by 10 percent. C. It decreased by 20 percent. D. It can't be determined without knowing the nominal price of the used textbook in at least one of the years.