This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: According to classical economics: a. real GDP is determined by aggregate demand, while the ... (Read 112 times)

HCHenry

  • Hero Member
  • *****
  • Posts: 591
on: Jun 30, 2018
According to classical economics:
 a. real GDP is determined by aggregate demand, while the equilibrium price level is determined by aggregate supply.
  b. both real GDP and price level are determined by aggregate demand.
  c. both real GDP and price level are determined by aggregate supply.
  d. real GDP is determined by aggregate supply, while the equilibrium price level is determined by aggregate demand.
  e. price level cannot be changed as prices and wages are perfectly rigid.

Question 2

Ceteris paribus, if a 6 increase in price causes an 8 increase in quantity supplied, then:
 a. supply is elastic.
 b. supply is unit elastic.
 c. supply is inelastic.
 d. the supply curve is perfectly vertical.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dpost18

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

a


HCHenry

  • Hero Member
  • *****
  • Posts: 591
Reply #2 on: Jun 30, 2018
Correct answers!


dpost18

  • Sr. Member
  • ****
  • Posts: 345
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

The small-scale distribution of different tree species in a Douglas-fir forest is determined by both The small-scale distribution of different tree species in a Douglas-fir forest is determined by both
The growth in demand for energy use is met by burning fossil fuels The growth in demand for energy use is met by burning fossil fuels
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
economics economics
Let f be a real function with domain R. Suppose that for each ǫ > 0, there is a continuous ... Let f be a real function with domain R. Suppose that for each ǫ > 0, there is a continuous ...
Prove that each of the following real functions f has a discontinuity. For each function, ... Prove that each of the following real functions f has a discontinuity. For each function, ...
Video: Osmosis - Isotonic, Hypotonic, and Hypertonic​ Solutions

For a complete list of videos, visit our video library