Refer to Table 8-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?
A) $428,000 B) $267,000 C) $24,000 D) $1,424
A
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This year a new oil field with substantial reserves has been discovered. Such discoveries are not made every year. Therefore an increase in the demand for oil will:
A) increase the long-run price of oil more than the short-run price of oil. B) increase the long-run price of oil less than the short-run price of oil. C) ensure the long-run price of oil and short-run price of oil increase by the same amount. D) ensure that the short-run price of oil falls. E) ensure that the short-run price of oil remains unchanged.
The short-run aggregate supply curve represents circumstances where:
A. both input and output prices are fixed. B. both input and output prices are flexible. C. input prices are fixed, but output prices are flexible. D. input prices are flexible, but output prices are fixed.