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Author Question: A crisis in the Middle East drastically raises the price of petroleum. If the aggregate demand curve ... (Read 37 times)

ishan

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on: Jun 29, 2018
A crisis in the Middle East drastically raises the price of petroleum. If the aggregate demand curve does not shift, then aggregate supply will ________, real GDP will ________, and the price level will ________.
 
  A) increase; remain the same; increase
  B) decrease; decrease; increase
  C) increase; increase; increase
  D) remain the same; increase; increase
  E) decrease; remain the same; decrease

Question 2

What is the opportunity cost of government work?
 
  What will be an ideal response?


covalentbond

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

The output that could be produced with the time and talent of individuals allotted to bureaucracy is the opportunity cost of government work.


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