At a trough in the business cycle, the macroeconomic equilibrium is ________ the level of potential real GDP
A) equal to
B) rising above
C) greater than
D) less than
E) None of the above answers is always correct because the relationship depends on whether the previous phase of the business cycle had been a recession or an expansion.
The table gives the aggregate demand and aggregate supply schedules for a nation.
D
Economics
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A housing shortage results when
A) a tax is imposed on housing. B) a rent ceiling below the equilibrium rent is imposed. C) a rent ceiling above the equilibrium rent is imposed. D) rents rise. E) a rent floor below the equilibrium rent is imposed.
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In perfect competition, the elasticity of demand for the product of a single firm is
A) 0. B) between 0 and 1. C) 1. D) infinite.
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