The equilibrium price and quantity of a good, once attained, will
a. change only if either supply or demand changes
b. change only if both supply and demand change
c. change only if supply changes
d. change only if demand changes
e. never change
A
Economics
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The school of thought that assumes that real GDP is determined by aggregate supply, whereas the equilibrium price level is determined by aggregate demand is known as _____
a. neoclassical economics b. classical economics c. new Keynesian economics d. Keynesian economics e. Marxist economics
Economics
An expansionary (or loose) ___________ policy raises the quantity of money and credit above what it otherwise would have been and reduces interest rates, boosting aggregate demand, and thus countering recession.
a. monetary b. domestic c. trade d. banking
Economics