To find an economy's long-run equilibrium price level, locate the point where ________ and ________ cross and look to the left.
A. demand; supply
B. aggregate demand; price level
C. aggregate demand; short-run aggregate supply
D. long-run aggregate supply; aggregate demand
Answer: D
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Which of the following statements about central bank structure and independence is TRUE?
A) In recent years, with the exception of the Bank of England and the Bank of Japan, most countries have reduced the independence of their central banks, subjecting them to greater democratic control. B) Before the Bank of England was granted greater independence, the Federal Reserve was the most independent of the world's central banks. C) Both theory and experience suggest that more independent central banks produce better monetary policy. D) While the European Central Bank is independent, it is not as independent as the Federal Reserve.
A textbook is an example of:
a. capital. b. a natural resource. c. labor. d. all of these.
Which of the following is not a store of value?
a. Federal Reserve notes. b. Credit card. c. Debit card. d. Passbook savings deposit.
Which of the following best describes total fixed cost?
A. Costs that do not vary as output varies. B. Total cost divided by the quantity of output produced. C. Total variable cost divided by the quantity of output produced. D. Total fixed cost divided by the quantity of output produced.