Suppose consumer tastes and preferences shift from tacos to pizzas. In the short run, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices

Based on the table above, equilibrium real GDP is

A) $6 trillion. B) $7 trillion. C) $9 trillion. D) $8 trillion. E) $10 trillion.

Economics: a. is a natural science like biology and chemistry

b. is a science built on survey data and declared preferences (what people say they are going to do) not on revealed preferences (how people actually behave). c. is a science concerned with reaching generalizations about human behavior, not unlike sociology or psychology. d. is concerned with predicting business conditions in the future, not with the current state of the stock market.