If There Is a Rise in the Price Level,there Is

question 245

Multiple Choice

If there is a rise in the price level,there is ________ in the quantity of real GDP supplied and a movement ________ along the AS curve.

• A)a decrease;downward
• B)an increase;upward
• C)an increase;downward
• D)a decrease;upward
• E)no change;upward

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Definitions:

Utility Bill

A regular invoice for essential services such as electricity, water, gas, or telecommunications provided to individuals or businesses.

Journal Entries

The record of financial transactions as they occur, detailing the accounts that are affected and in what way.

Receipt

A document acknowledging that a payment has been made or that goods have been received.

Supplies Expense

The cost associated with consumable items used during the process of operating a business, recorded as an operating expense on the income statement.