In the long-run, if the economy is operating at the full employment level, the equilibrium level of real GDP is determined solely by the:
a. level of unemployment in the economy.
b. rate of inflation in the economy.
c. real interest rate in the economy.
d. aggregate supply curve of the economy.
e. aggregate demand curve of the economy.
Question 2
Which of the following best illustrates the fallacy of composition?
a. If I stand up at a baseball game I will be able to see the game better; if all fans stood up at a baseball game they would all be able to see the game better.
b. If I wore a jacket to a baseball game in October, I would be warmer; if all fans wore jackets they would all be warmer.
c. If I purchase fewer concessions at a baseball game, I will save money; if all fans purchase fewer concessions then all can save money.
d. If I yell more during a baseball game it will be louder if all fans yell more during the game it will be much louder.
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