The decrease in the price of gasoline to a national average of less than $3.20 during the summer of 2012 was most likely a result of
A) an increase in demand due to reduced summer driving.
B) an increase in supply resulting from higher refinery output.
C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output.
D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving.
B
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When the SRAS curve slopes upward, the actual affect of an increase in real autonomous spending on equilibrium real GDP is smaller than predicted by the multiplier because
A) the price level rises B) the price level falls. C) real GDP increases. D) real GDP decreases.
If the price of smartphones was to increase, then
A) the quantity of smartphone apps demanded would increase. B) the demand for smartphone apps would increase. C) the demand for smartphone apps would decrease. D) the quantity of smartphone apps demanded would decrease.