The price of pizza has declined. This will cause the curve for pizza to:
a. Shift leftward to show a decrease in the demand for pizza.
b. Shift rightward to show an increase the demand for pizza.
c. No shift will take place because the quantity demanded of pizza will not change.
d. No shift will take place only a movement along the curve to demonstrate the increase in the quantity demanded of pizza.
d
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According to the new classical view, when the actual price level is greater than the expected price level
A) aggregate output is above the full employment level. B) aggregate output is below the full employment level. C) the aggregate supply curve will slope downward. D) the coefficient a is equal to zero.
As a percentage of GDP, all of the following federal government expenditures are expected to increase from 2012 to 2042 except
A) Social Security. B) Medicare and Medicaid. C) the net interest on the federal debt. D) national defense.