James used $250,00 . from his savings account that paid an annual interest of 15% to purchase a hardware store. After one year, James sold the business for 320,000 . His accountant calculated his profit to be:

A lower price level combined with a decrease in real GDP occurs when the

A) short-run aggregate supply curve shifts rightward. B) short-run aggregate supply curve shifts leftward. C) aggregate demand curve shifts rightward. D) aggregate demand curve shifts leftward.

In economic terms, to say that there has been an increase in demand for a product means that:

a. the demand curve has shifted to the left. b. the product's price has fallen and as a result consumers are buying a larger quantity of the product. c. the product has become scarce for some reason. d. consumers are now willing to purchase more of the product at each possible price.