Z is a normal good. The equilibrium price and equilibrium quantity of Z in the year 2011 was 25 and 60 units, respectively.
It was seen that, in 2014, the equilibrium price of Z had decreased to 15, but the equilibrium quantity had increased to 70 units. Other things remaining the same, which of the following could explain this change?
A) Shift of the supply curve of Z to the left B) Shift of the demand curve for Z to the right
C) Shift of the supply curve of Z to the right D) Shift of the demand curve for Z to the left
Question 2
Three candidates for political office disagree over the benefits of enlarging the federal budget deficit.
Candidate C says the stimulation package is needed to increase employment and real GDP; Candidate D says it will only cause higher prices; and Candidate F says it will have no effect on either real GDP or the price level. How do the three candidates differ with respect to the condition of the economy and the effects of fiscal policy?
A) Candidate C thinks the simple Keynesian model is applicable, while D thinks the expansionary policy will fully crowd out private investment. F believes the economy is experiencing a recessionary ga
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