The aggregate demand curve is the total quantity of an economy's
A) intermediate goods demanded at different inflation rates.
B) intermediate goods demanded at a particular inflation rate.
C) final goods and services demanded at a particular inflation rate.
D) final goods and services demanded at different inflation rates.
D
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Because Product X has a large positive income elasticity, it is likely that the product
A) has many good substitutes. B) has few good complements. C) is a necessity. D) is a luxury.
If labor productivity growth slows down in a country, this will
A) slow down the increase in real GDP per capita. B) accelerate the increase in nominal GDP. C) slow down the increase in nominal GDP. D) accelerate the increase in real GDP per capita.
If the ________ curve is relatively more unstable than the ________ curve, a money supply target is preferred
A) IS; IS B) IS; LM C) LM; IS D) LM; LM
Economists who argue that the AS curve is vertical in the long run at potential GDP also argue that the Phillips curve in the long run is
A. horizontal at the natural rate of inflation. B. downward sloping. C. upward sloping. D. vertical at the natural rate of unemployment.