The steepness of the aggregate supply curve depends on the:
a. rate of inflation in the economy.
b. change in relative prices of commodities.
c. substitutability of the inputs used in producing various goods and services.
d. ability of the producers to respond to price-level changes in the short run.
e. the market rate of interest.
d
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What act of Congress declared restraint of trade illegal and declared any attempt at monopolizing unlawful?
a. Celler-Kefauver Act. b. Sherman Antitrust Act. c. Clayton Act. d. Robinson-Patman Act.
Because of the slope of the aggregate demand curve, we can say that
A) a decrease in the price level leads to a lower level of real GDP demanded. B) an increase in the price level leads to a higher level of real GDP demanded. C) a decrease in the price level leads to a higher level of real GDP demanded. D) an increase in the price level leads to no change in the level of real GDP demanded.
The Navigation Acts (1651 and later amendments)
(a) defined the British Empire within Europe and restricted shipping and trade between it and the external world. (b) had a major purpose of enlarging and protecting the King of England's income derived from trade through shipping and trade. (c) advanced free trade across the British Empire. (d) held true for all of the above.
Economists who believe that the economy has a strong self-correcting mechanism argued that, after September 11, 2001, the economy needed
a. a quick and expansionary fiscal policy stimulus. b. a quick and expansionary monetary stimulus. c. only a short time to return to equilibrium full employment. d. President Bush to propose a large budget stimulus package.