If the short-run aggregate supply increases by less than the long-run aggregate supply, then, at the short-run equilibrium,
A) GDP will be above potential GDP. B) aggregate demand will increase.
C) GDP will be below potential GDP. D) GDP will be equal to potential GDP.
C
Economics
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By dividing the value of total domestic output (real Gross Domestic Product (GDP)) by the number of workers, economists derive
A) the net domestic product. B) labor productivity. C) the size of the labor force. D) the rate of capital accumulation.
Economics
A decrease in the cost of production will shift the supply curve down and to the right.
Answer the following statement true (T) or false (F)
Economics