Consider the Basic AD/AS Macro Model

question 56

Multiple Choice

Consider the basic AD/AS macro model.A rise in an input price like the price of oil would be expected to cause a new macroeconomic equilibrium in which the price level

• A)and real GDP are higher than in the initial equilibrium.
• B)and real GDP are lower than in the initial equilibrium.
• C)is lower and real GDP higher than in the initial equilibrium.
• D)is higher and real GDP remained the same as in the initial equilibrium.
• E)is higher and real GDP lower than in the initial equilibrium.

---

Definitions:

Supreme Court

The highest judicial court in a country or state, which has the ultimate authority to adjudicate in disputes and interpret the law.

Genetic Testing

A process that involves analyzing DNA to identify changes, mutations, or susceptibilities to inherited diseases and disorders.

General Jurisdiction

The power of a court to hear a wide range of cases, without restriction to a specific type of case or legal issue.

Statute of Limitations

The statute of limitations is a law that sets the maximum time after an event within which legal proceedings may be initiated.