The long-run aggregate supply curve for an economy is always _____
a. vertical
b. horizontal
c. downward sloping
d. upward sloping
a
You might also like to view...
In the figure above, suppose that Mac and Izzie specialize and trade to reach point c. Mac sends Izzie
A) 12 computers in exchange for 12 TVs. B) 12 computers in exchange for 6 TVs. C) 6 computers in exchange for 12 TVs. D) 6 computers in exchange for 6 TVs.
The Romer model suggests that there is a trade-off between ________
A) the use of resources in research and development and the productiveness of R&D B) the rate of saving and the long-run growth of output C) per capita output in the short-run and long-run D) the size of the total population and the saving rate
Which of the following results in higher inflation and higher unemployment in the short run?
a. a more expansionary monetary policy b. a more contractionary monetary policy c. a decrease in the minimum wage d. an adverse supply shock such as an increase in the price of oil
The U.S. Justice Department prosecuted Microsoft under the terms of
A) the Sherman Act. B) the Kefauver amendment. C) the 1933 amendment to the Federal Trade Commission Act. D) none of the above.