When the price level falls from 135 to 120, the aggregate level of GDP supplied falls from $140 billion to $125 billion. This ________ relationship represents the ________ relationship between GDP and the price level
A) positive; short-run B) negative; long-run
C) positive; long-run D) negative; short-run
A
Economics
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GDP is not a perfect measure of well-being because
A) the value of leisure is included in GDP. B) GDP is adjusted for increases in drug addiction. C) GDP is not adjusted for pollution. D) GDP is adjusted for changes in crime rates.
Economics
Average total cost is ______.
a. how much it costs to produce one unit of output b. the mean sum needed to buy one unit of output c. the variable input costs that change with output d. the cost changes resulting from a change in output
Economics