After Hurricane Katrina, the supply curve for oil shifted to the left, and as a result
A. gas prices remained at the equilibrium price.
B. there was a corresponding shift of the demand curve.
C. a new equilibrium price was reached.
D. the equilibrium point moved along the supply curve.
Answer: C
Economics
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Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2010 is
A) $490.00. B) $580.00. C) $671.00. D) $812.00.
Economics
The aggregate demand and aggregate supply graph has
a. quantity of output on the horizontal axis. Output can be measured by the GDP deflator. b. quantity of output on the horizontal axis. Output can be measured by real GDP. c. quantity of output on the vertical axis. Output can be measured by the GDP deflator. d. quantity of output on the vertical axis. Output can be measured by real GDP.
Economics