Using a unified analytic framework to present the information in the text keeps the knowledge
A) focused on theories that have little to do with actual behavior.
B) theoretical and uninteresting.
C) abstract and not applicable to real life.
D) from becoming obsolete.
D
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Suppose that a technological advancement substantially reduces the cost of laser eye surgery. This would cause the equilibrium
A) quantity of laser eye surgery to decrease. B) quantity of laser eye surgery to increase. C) price of technology to increase. D) quantity of technology to decrease.
Other things remaining the same, an increase in the price level
A) decreases the quantity of real GDP supplied. B) decreases aggregate supply. C) increases aggregate supply. D) increases the quantity of real GDP supplied. E) neither changes aggregate supply nor changes the quantity of real GDP supplied.