Most economists believe that the aggregate supply curve is
A) upward-sloping in the short run, but vertical in the long run.
B) upward-sloping in the long run, but vertical in the short run.
C) upward-sloping in both the short run and in the long run.
D) vertical in both the short run and in the long run.
A
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In its original form, the Phillips curve depicted a situation in which an economy could reduce its unemployment rate by holding the inflation rate steady
a. True b. False Indicate whether the statement is true or false
A production possibilities curve is downward sloping because of
a. the law of increasing costs b. the finite nature of the resource base c. inefficiency d. improper output mix e. unemployment
Given that Monika's income exceeds her expenditures, Monika is best described as a
a. saver or as a supplier of funds. b. saver or as a demander of funds. c. borrower or as a supplier of funds. d. borrower or as a demander of funds.
Partial equilibrium analysis refers to ________ examining the equilibrium conditions in individual markets and for households and firms.
A. partially B. jointly C. simultaneously D. separately