The recession of 1973-1975 was unusual in that both inflation and unemployment increased at the same time. This suggests that the primary cause of the recession was an
a. inward shift of the aggregate demand curve.
b. outward shift of the aggregate supply curve.
c. inward shift of the aggregate supply curve.
d. outward shift of the aggregate demand curve.
c
Economics
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Which statement is correct? The long-run supply curve for a purely competitive:
A. Decreasing-cost industry will be upward-sloping B. Increasing-cost industry will be perfectly elastic C. Increasing-cost industry will be upward-sloping D. Increasing-cost industry will be less elastic than the short-run supply curve
Economics
The broadest measure to adjust Nominal GDP for price changes is ________.
A. exchange rates B. the Consumer Price Index (CPI) C. the Producer Price Index (PPI) D. the GDP price index
Economics