An increase in the price level ________ the aggregate quantity supplied and ________ the aggregate quantity demanded.
A) increases; decreases
B) does not change; decreases
C) decreases; increases
D) decreases; decreases
E) increases; increases
Question 2
An insight into business cycles is gained by the fact that
A) changes in real GDP result in changes in autonomous expenditures.
B) at a peak, a decrease in autonomous expenditure leads to a decrease in induced expenditure.
C) autonomous expenditure does not change at either a peak or a trough.
D) at a peak, autonomous expenditure increases, thereby leading to a recession.
E) at a trough, induced expenditure decreases, thereby leading to an expansion.
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