The aggregate supply curve slopes upward because as price rises, the quantity of output supplied rises.
Answer the following statement true (T) or false (F)
True
You might also like to view...
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Engel's Law asserts that consumer expenditures on daily food in the aggregate decline as incomes rise. This explains the decreased demand for daily foods and the increased U.S. demand for exotic foods
Indicate whether the statement is true or false
A bond with a par value of $1,000 is traded at $1,500 . The coupon rate offered on the bond is 10 percent.The bond matures after a period of 5 years . The coupon paid to the bond holder after the end of the first year is:
a. $150. b. $100. c. $200. d. $50. e. $250
Which of the following would explain wage rigidities?
a. Inflexible long-term contracts b. Inflation c. The liquidity of financial assets d. The reluctance of firms to lay off workers e. High worker productivity