In the short run, macroeconomic analysis focuses on ________, while in the long run, the focus is on ________
A) fiscal policy; monetary policy
B) short-run economic growth; population demographics
C) unemployment; inflation
D) the business cycle; long-run economic growth
D
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In the short run, an increase in demand for a good that is sold in a perfectly competitive market
A) increases the number of firms in the market. B) increases the economic profits of existing firms in the market. C) has no effect on the price. D) causes more firms to shut down.
Suppose that the federal budget is balanced when GDP is at potential GDP. If equilibrium GDP falls below potential
A) government transfer payments will be rising and tax receipts will be falling. B) this will result in a current budget deficit. C) the cyclically adjusted budget will be balanced. D) All of the above are correct.