The short-run aggregate supply curve shows the various amounts of real output that producers are willing to
A) sell at different profit levels.
B) sell at different price levels.
C) buy at different income levels.
D) buy at different price levels.
B
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Short-run contractions and expansions in economic activity are called
A) recessions. B) expansions. C) deficits. D) the business cycle.
According to Keynesian macroeconomists, prices adjust ________ to shocks, so the government should ________
A) slowly; do little B) rapidly; do little C) rapidly; fight recessions D) slowly; fight recessions
A monopolistically competitive firm has the free entry characteristics of ________ and the price setting characteristics of ________
A) an oligopolistic market; perfect competition B) perfect competition; a monopoly C) a monopolistic market; a cartel D) perfect competition; perfect competition
Is calling a voter rationally ignorant the same as calling her irrational? Explain