In the above figure, what is the short-run equilibrium real GDP and the short-run equilibrium price level?

The smaller the slope of the aggregate planned expenditure (AE) curve, the

A) larger are imports. B) smaller the multiplier. C) larger the multiplier. D) larger are exports. E) larger is the marginal tax rate.

A ban on imports, a tariff, or a quota raises the price to domestic consumers. This means that consumers will buy less of the product at a higher price. The loss associated with this is called

A) production associated loss. B) productive consumption loss. C) consumption distortion loss. D) consumer misperception loss.