Using the data in the above table, in the short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________

A traditional system operates based on the self interest of buyers and sellers

a. True b. False Indicate whether the statement is true or false

A tariff on a good increases the domestic price of the good, increases domestic production of the good, reduces the amount of the good sold, and decreases imports of the good

a. True b. False Indicate whether the statement is true or false