If technology improves when a nation is in the intermediate range and only the Aggregate Supply changes, then:
a. Real GDP remains the same and average price level rises.
b. Real GDP remains the same and average price level remains the same.
c. Real GDP falls and average price level rises.
d. Real GDP falls and average price level falls.
e. Real GDP rises and average price level falls.
.E
Economics
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Endogenous growth theory rejects the assumption of exogenous
a. production functions. b. knowledge. c. technology. d. both b and c. d. all of the above.
Economics
If a government imposes high enough tariffs, one result will be that
A) foreign producers will be able to sell more goods. B) domestic producers will face no foreign competition. C) consumers will benefit from lower prices. D) markets will become more globalized.
Economics