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Author Question: According to classical economics: a. real GDP is determined by aggregate demand, while the ... (Read 91 times)

HCHenry

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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.


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dpost18

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

d

Answer to Question 2

a


HCHenry

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Reply #2 on: Jun 30, 2018
Correct answers!


dpost18

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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