When aggregate planned expenditure is less than GDP,
A) the economy definitely is at its equilibrium expenditure but even so, firms decrease production.
B) firms increase production until the economy reaches equilibrium expenditure.
C) the economy definitely is at its equilibrium expenditure and firms do not change production.
D) firms decrease production until the economy reaches equilibrium expenditure.
E) the economy might be at its equilibrium expenditure and if it is, firms do not change their production.
D
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Economics is primarily the study of:
A) the mental functions and behavior of individuals and groups. B) the state, nation, government, and politics and policies of governments. C) the problems related to existence and evolution of society. D) how agents choose to allocate scarce resources and how the choices affect society.
Economists generally assume that faster economic growth is negative for society
a. True b. False Indicate whether the statement is true or false