If the aggregate supply curve is vertical in the long-run, then neither monetary nor fiscal policy will affect aggregate output in the long-run.
Answer the following statement true (T) or false (F)
True
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John Maynard Keynes was the author of
a. An Economic History of the Great Depression. b. The General Theory of Employment, Interest, and Money. c. The Wealth of Nations. d. The Principles of Political Economy and Taxation. e. Macroeconomic Policy.
The price index was 220 in one year and 238.2 in the next year. What was the inflation rate?
a. 8.3 percent b. 108.3 percent c. 4.8 percent d. 38.2 percent
In order to practice price discrimination, a firm must be in a market such that the consumers in its market:
A. all have identical tastes. B. all have identical price elasticities of demand. C. have different price elasticities of demand. D. have the same demand for its product.
Which group within the National Bureau of Economic Research officially determines whether the economy is in a recession or expansion?
A. The G-4 B. The Business Cycle Governors C. The Turning Point Group D. The Business Cycle Dating Committee