The aggregate supply curve is
a. a schedule showing the relationship between the price level and the quantity of real GDP supplied.
b. usually upward sloping.
c. relatively flat at low levels of resource utilization.
d. All of the above are correct.
d
You might also like to view...
A newspaper reports that the average price of new homes in a certain city had decreased, and the number of new homes sold had also decreased. This situation is probably caused by
A. higher government subsidies to new homebuyers in that city. B. a rising population in that city. C. decreasing incomes of people in that city. D. decreasing costs of construction materials and services in that city.
A rise in the price of good A shifts the ________ good B rightward if the cross elasticity of demand between A and B is ________
A) demand curve for; negative B) demand curve for; positive C) supply curve of; negative D) supply curve of; positive
A significant gain from trade in an oligopolistic market results from the increase in the number of product varieties that trade brings.
Answer the following statement true (T) or false (F)
Considering only its direct effect on income, expansionary fiscal policy tends to:
A. decrease income and imports, shifting the U.S. trade balance in the direction of a surplus. B. increase income and imports, shifting the U.S. trade balance in the direction of a surplus. C. decrease income and imports, shifting the U.S. trade balance in the direction of a deficit. D. increase income and imports, shifting the U.S. trade balance in the direction of a deficit.