A decrease in the availability of an important major resource such as oil shifts aggregate supply left.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true?
A) Currency in circulation in any economy is likely to be equal to the total money supply in the economy. B) Currency in circulation in any economy is likely to be less than the total money supply in the economy. C) In the United States, currency in circulation accounts for less than 1% of the money supply. D) In the United States, currency in circulation accounts for more than 50% of the total money supply.
What is the main reason for anti-trust laws?
a. To keep prices low b. To ensure firms do not become too big c. To ensure active competition d. To prevent mergers
GDP is not a perfect measure of welfare because it
a. treats a dollar spent on candy bars the same as a dollar spent on education b. treats a dollar spent on exports the same as a dollar spent on imports c. double counts the value of leisure time d. double counts depreciation e. counts illegal activities in the underground economy
In the Keynesian range, the:
a. Aggregate supply curve is horizontal. b. Aggregate demand curve is vertical. c. Aggregate demand curve is horizontal. d. Aggregate demand is downward-sloping. e. Aggregate supply is upward-sloping.