George Washington: Washington has been called the "Father of His Country" for his manifold leadership in the formative days of the new nation.
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FALSE
Correct Statement is Equilibrium is when the quantity demanded is equal to the quantity supplied
Answer:The output will be $billion and the price level will increase.
Explanation:Long term accommodative policies by government causes a shift to the right of aggregate demand curve in response to the left shifting of the aggregate supply curve in the short run.
This change will definitely cause an increase in aggregate demand without a corresponding increase in aggregate supply to meet the demand.
In doing this the government aims to permanently higher prices in order to restore employment and output to it's original level.
<u>Explanation</u>:
Remember, Implicit cost refers to cost that do not involve monetary transactions by Jacques, while his Explicit cost includes all forms of direct payments made by Jacques to others while selling his boat.
<u>Therefore, the cost are assigned below:</u>
- The $50,000 salary Jacques could earn if he worked as a financial advisor= Implicit Cost
- The $15,000 rental income per year Jacques would receive if he chose to rent out his showroom= Implicit
- The wholesale cost of $430,000 and utility bills totaling $301,000 cost for the boats that Jacques pays the manufacturer= Explicit Cost