If an economy's GDP falls, then it must be the case that the economy's
a. income falls and saving rises.
b. income and saving both fall.
c. income falls and expenditure rises.
d. income and expenditure both fall.
d
Economics
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Which of the following is a feature of a perfectly competitive market?
A) There is only one seller of a commodity. B) The government rations commodities. C) Commodities are auctioned to the highest bidder. D) Each seller is too small to influence the market price.
Economics
The new classical explanation of aggregate supply in the short run builds on research by
A) Irving Fisher. B) John Maynard Keynes. C) Robert Lucas. D) Robert Solow.
Economics