The long-run aggregate supply curve ______.
a. has the same slope as the short-run aggregate supply curve
b. has the same slope as the short-run aggregate demand curve
c. is perfectly horizontal at the minimum price level in the economy
d. is perfectly vertical at the natural rate of output in an economy
d. is perfectly vertical at the natural rate of output in an economy
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In a closed economy firms sell goods and services to:
A) households and foreigners. B) households and the government. C) just the government. D) none of the above.
In December of 2007, with an unemployment rate of 5.0 percent, most economists believed this was above the natural rate
a. True b. False Indicate whether the statement is true or false
The field of economics that focuses on the actions of individual agents within the economy, like households, workers, and businesses is:
A) Global economics B) Macroeconomics C) Microeconomics
For a given nominal exchange rate and foreign price level, a decrease in the domestic price level ________ the real exchange rate.
A. decreases B. may either increase or decrease C. offsets any change in D. increases