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 104 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?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Many ideologies stem from older theories. The ideas of the philosophers are simplified. Ideologies Many ideologies stem from older theories. The ideas of the philosophers are simplified. Ideologies
The heat range of a spark plug is determined by the distance the heat has to flow from the tip to ... The heat range of a spark plug is determined by the distance the heat has to flow from the tip to ...
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
Economics question Economics question
Real skeleton of a lion Real skeleton of a lion
Video: Embryonic development - Week 3

For a complete list of videos, visit our video library