When aggregate demand exceeds current production
a. both output and the price level are in equilibrium.
b. output is not in equilibrium, but the price level is.
c. prices are not in equilibrium, but output is.
d. neither output nor the price level is in equilibrium.
d
Economics
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In a steady-state economy with no population growth, output per worker is 35, the saving rate is 20 percent, and the depreciation rate is 11 percent. The level of capital per worker is ________
A) 64 B) 19 C) 39 D) 28
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In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.
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