The business cycle progresses from an expansion to a peak to a recession and then to a trough

Refer to the above figure. If the price level is 80

A) the total planned real expenditures by individuals, businesses, and the government are less than total planned production by firms. B) the aggregate demand curve will automatically shift leading to a stable equilibrium. C) the economy will have economic growth and the new equilibrium price level will be 80. D) the total planned real expenditures by individuals, businesses, and the government exceed total planned production by firms.

Which of the following is one of the reasons economists sometimes differ in their views on social policy?

A. Different models focus on the same aspects of a problem. B. Economists' subjective value judgments will differ. C. Empirical evidence is so precise that there is little room for different interpretations. D. Most so-called economists have received no formal training.