The basic aggregate demand and aggregate supply curve model helps explain ________ fluctuations in real GDP and the price level
A) short-term
B) long-term
C) both short-term and long-term
D) unrelated
Answer: A
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The federal personal income tax is designed as a
a. progressive tax b. regressive tax c. proportional tax d. poll tax e. payroll tax
When individuals make decisions with some desired outcome in mind, they are engaging in:
a. purposeful behavior b. economically efficient behavior c. chaotic behavior d. random behavior
Which of the following is NOT a possible solution to the problem of pollution?
A) subsidizing the costs of production of activities that generate pollution B) converting a resource that is communally owned into a privately owned resource C) regulating the quantity of pollution that can be generated D) imposing a pollution tax on producers
________ is the average cost of producing each unit of output.
A. Average variable cost B. Marginal cost C. Average total cost D. Average fixed cost