According to the traditional Keynesian approach, if the government increases taxes, then
A) real Gross Domestic Product (GDP) will fall and the price level will remain constant.
B) real Gross Domestic Product (GDP) will fall but the price level will rise.
C) both real Gross Domestic Product (GDP) and the price level will fall.
D) real Gross Domestic Product (GDP) will remain constant but the price level will rise.
Ans: A) real Gross Domestic Product (GDP) will fall and the price level will remain constant.
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For a "change in the quantity supplied" but not "a change in supply" to occur, there must be a
A) rightward shift of the supply curve. B) rightward shift of the demand curve. C) leftward shift of the demand curve. D) Both answers B and C are correct.
Describe what took place during the Industrial Revolution
What will be an ideal response?