The first year of the Bush administration in 2001 could be represented as a(n)
a. increase in the aggregate demand curve.
b. decrease in the aggregate demand curve.
c. increase in the aggregate supply curve.
d. decrease in the aggregate supply curve.
b
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A recession can best be defined as a period of time in which
a. total output of the economy falls. b. total output of the economy rises very slowly. c. total unemployment falls. d. total international trade fails to rise. e. Both a and c
Use the following general linear demand relation:Qd = 680 - 9P + 0.006M - 4PRwhere M is income and PR is the price of a related good, R. If M = $15,000 and PR = $20 and the supply function is Qs = 30 + 3P , then, when the price of the good is $60,
A. there is equilibrium in the market. B. there is a shortage of 60 units of the good. C. there is a surplus of 60 units of the good. D. the quantities demanded and supplied are indeterminate.