In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?

The economy is at full employment. If aggregate demand increases,

A) an inflationary gap is created and the AS curve shifts leftward as the money wage rate rises. B) an inflationary gap is created and the AD curve shifts leftward. C) an inflationary gap is created and potential GDP increases to close the ga

Use the following graph of total revenues to answer the question below. An increase in the quantity of product X demanded from 16,000 to 17,000 units implies that the price of product X was

A. reduced and the demand is inelastic. B. increased and the demand is inelastic. C. reduced and the demand is elastic. D. increased and the demand is elastic.