What most accurately describes the trend in inter-city prices between 1815-1860?
a. Prices of goods in different eastern cities diverged.
b. The prices of goods in the Midwest converged towards the prices of goods in the east.
c. Prices of goods in the Midwest decreased relative to the prices of goods in the east.
b. The prices of goods in the Midwest converged towards the prices of goods in the east.
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The above table shows some (but not all) national income accounting data for a hypothetical country. According to these data, the value of GDP is ________ billion
A) $2100 B) $1850 C) $2000 D) $2050
Which of the following will cause an upward movement along the aggregate supply curve?
a. An increase in the price level of all goods and services b. A decrease in the price level of all goods and services c. A technological improvement in the country d. An increase in the physical capital of a country