The short-run aggregate supply curve:
A. Becomes flatter at output levels above the full-employment output
B. Becomes steep at output levels above the full-employment output
C. Is upward-sloping with a constant slope
D. Is horizontal
B. Becomes steep at output levels above the full-employment output
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Answer the following statement(s) true (T) or false (F)
1. When a game has more than one Nash equilibrium, it is unlikely that a stable equilibrium will ever be reached. 2. The copycat game does not have a pure strategy Nash Equilibrium. 3. When mixed strategies are allowed, the Copycat Game does have a Nash equilibrium. 4. Nash equilibrium is a normative concept. 5. For an outcome to be Pareto optimal, the players' total payoff must be as large as possible.
Economists consider the economy to be at "full employment" when there is no cyclical unemployment
Indicate whether the statement is true or false
Explain the idea behind the benefits-received principle of taxation and provide an example
What will be an ideal response?
The potential for a financial breakdown at large institutions to spread throughout the financial system is called
A. a systemic risk. B. a too-large-to-fail problem. C. a moral hazard. D. an averse selection problem.