The aggregate supply curve shows the relation between
A) the real interest rate and the aggregate amount of output that firms supply.
B) the price level and the aggregate amount of output that firms supply.
C) the supply of goods by firms and the price of goods relative to the price of nonmonetary assets.
D) the inflation rate and the unemployment rate.
B
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In the long-run, a firm in monopolistic competition produces at an output level where
A) P > ATC and MR = MC. B) P > ATC and MR > MC. C) P = ATC and MR = MC. D) P = ATC and MR > MC. E) P = ATC and MC = ATC.
If the marginal propensity to consume (MPC) is 0.75, a $50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
A. increase by $50. B. decrease by $50. C. increase by $200. D. decrease by $200.
A progressive tax is one where the percentage charged on income ______________ as income increases.
A. increases and then decreases B. is constant C. decreases D. increases
MFN status means that a trading partner is getting the best trade deal possible given current national trade policies
Indicate whether the statement is true or false