The _____ curve shows how production in the economy is related to the price level.
Fill in the blank(s) with the appropriate word(s).
aggregate supply
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In a market economy, who decides what goods and services will be produced?
A) only the producers B) consumers and producers C) the government D) only consumers
The French economist Jean-Baptiste Say transformed the equality of total output and total spending into a law that can be expressed as follows:
a. Unemployment is not possible in the short run. b. Demand and supply are never equal. c. Supply creates its own demand. d. Demand creates its own supply.
To increase the level of output, the Fed should conduct an open market sale.
Answer the following statement true (T) or false (F)
An improvement in technology will cause the
A. economy to move closer to its production possibility frontier. B. economy to move down the production possibility frontier. C. production possibility frontier to shift inward. D. production possibility frontier to shift outward.