A. inelastic; increase
B. elastic; increase
C. elastic, decrease
D. none of the above
A. shift aggregate supply to the right
B. shift aggregate supply to the left
C. shift aggregate demand to the right
D. shift aggregate demand to the left
A. shift aggregate supply to the right
B. shift aggregate supply to the left
C. shift aggregate demand to the right
D. shift aggregate demand to the left
A. increase consumption
B. increasing export revenue
C. increased taxation revenue
D. increased investment
A. Aggregate supply is price inelastic
B. Aggregate supply is price elastic
C. Aggregate supply has a unitary price elasticity
D. Aggregate demand is price inelastic
A. Reduce the general price level and reduce national income
B. Reduce the general price level and increase national income
C. Increase the general price level and reduce national income
D. Increase the general price level and increase national income
A. +2
B. +0.5
C. -2
D. -0.5
A. Demand shifts outwards
B. The supply curve shifts inwards
C. The quantity supplied falls when the price falls
D. The supply curve shifts outwards
A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries
C. If there are very few producers
D. If it is easy to expand output
A. The quantity consumers would like to buy in an ideal world
B. The quantity producers are willing and able to sell at each and every price all other things unchanged
C. The quantity producers are willing and able to sell at each and every income all other things unchanged
D. The quantity producers are willing and able to sell at each and every point in time all other things unchanged