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Author Question: A recessionary gap occurs when A) aggregate demand falls, but other things remain constant. B) ... (Read 150 times)

sammy

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on: Jun 30, 2018
A recessionary gap occurs when
 
  A) aggregate demand falls, but other things remain constant.
  B) the short-run equilibrium level of real GDP is less than the level consistent with the long-run aggregate supply curve.
  C) the short-run equilibrium level of real GDP is greater than the level consistent with the long-run aggregate supply curve.
  D) short-run aggregate supply falls, but other things remain constant.

Question 2

According to this Application, in the 1990s EU countries had ________ in the production of all products compared to Latvia.
 
  A) an absolute advantage and a comparative advantage
  B) neither an absolute advantage nor a comparative advantage
  C) an absolute advantage but not a comparative advantage
  D) a comparative advantage but not an absolute advantage


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ricroger

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

C


sammy

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Reply #2 on: Jun 30, 2018
Thank you :)


ricroger

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Reply #3 on: Jun 30, 2018
Happy to help you


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