Equilibrium
Not what you're looking for?
When the economy is in equilibrium,________________.
a. there are increases in inventory
b. there are decreases in inventory
c. total expenditures equal total production
d. people want to buy more than will be produced
Suppose the economy's short-run equilibrium point is to the left of the National Real GDP. Which of the following is true?
a. The economy is in a recessionary gap.
b. The economy is in an inflationary gap.
c. The economy is in long-run equilibrium.
d. This situation is actually impossible, according to economic theory.
Purchase this Solution
Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.