During the Great Depression of the 1930s,
a. real GDP could not increase without exerting pressure on the price level
b. aggregate demand was insufficient to achieve full-employment GDP
c. aggregate demand shifted to the right while aggregate supply shifted to the left, causing GDP and the price level to decrease
d. the economy's resources were fully employed, although real GDP fell
e. the aggregate demand curve cut the aggregate supply curve along the supply curve's vertical segment
B
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Macroeconomics, as opposed to microeconomics, includes the study of what determines the
A) wages paid to employees of Walmart. B) prices charged for automobiles produced by Tesla. C) exchange rates between the U.S. dollar and the currencies of Asian nations. D) quantity of iPhones produced by Apple.
A rise in the price of a good causes producers to supply more of the good. This statement illustrates
A) the law of supply. B) the law of demand. C) a change in supply. D) the nature of an inferior good.