The curves showing the various quantities of goods and services that domestic consumers, businesses, the government, and foreign buyers collectively want to buy, at each price level, establish that: a. the higher the price level, the lower the real GDP these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy b. the lower the price level, the greater the real GDP that these buyers will acquire; therefore, the higher the price level, the higher the actual output they buy c. the lower the price level, the greater the real GDP that these buyers will acquire; on the contrary, the higher the price level, the lower the real production they buy d. the higher the price level, the greater the real GDP that these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy
1. The
a. the higher the price level, the lower the real GDP these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy
b. the lower the price level, the greater the real GDP that these buyers will acquire; therefore, the higher the price level, the higher the actual output they buy
c. the lower the price level, the greater the real GDP that these buyers will acquire; on the contrary, the higher the price level, the lower the real production they buy
d. the higher the price level, the greater the real GDP that these buyers will acquire; therefore, the lower the price level, the lower the actual production they buy
2. The quantity of labor supplied increases when the real wage increases by:
a. the increase in the labor force participation rate and by the population increase
b. the increase in hours offered by individuals and the increase in the labor force participation rate
c. increasing the labor force participation rate
d. the increase in hours offered by people
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