When the quantity of real GDP demanded exceeds the quantity of real GDP supplied, firms
A) increase production and prices.
B) decrease production and prices.
C) increase production and lower prices.
D) decrease production and increase prices.
E) do not change production because aggregate demand and potential GDP will adjust.
A
Economics
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In one possible scenario for the future, the United States would continue to decline in power, but China would not rise up enough to dominate. This would likely lead to
a. bipolarity. b. anarchy. c. multipolarity. d. theocracy.
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International trade between countries typically produces a winner and a loser. Generally, it is the economically more advanced country that gains at the expense of the less developed nation
a. True b. False
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