Refer to the diagram. A decline of aggregate supply from AS LR1 to AS LR2 , followed by a decline of aggregate demand from AD 1 to AD 2 , would best describe the:
A. direct relationship between aggregate supply and aggregate demand.
B. real-business-cycle view of recession.
C. monetarist view of recession.
D. mainstream, Keynesian-based view of recession.
B. real-business-cycle view of recession.
Economics
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If buyers pay more of a tax than do the sellers,
A) demand is more elastic than supply. B) the amount of tax revenue collected by the government is almost zero. C) supply is more elastic than demand. D) the equilibrium price paid by buyers rises by less than half the amount of the tax. E) None of the above answers is correct.
Economics
The central bank in the United States is known as the Federal Reserve System
a. True b. False Indicate whether the statement is true or false
Economics