The short-run aggregate supply (SRAS) curve shows the quantity
A) demanded of all goods and services at different price levels, ceteris paribus.
B) supplied of all goods and services at a particular price level, ceteris paribus.
C) supplied of all goods and services at different price levels, ceteris paribus.
D) supplied of GDP at a particular price level, ceteris paribus.
C
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The school of thought that assumes that real GDP is determined by aggregate supply, whereas the equilibrium price level is determined by aggregate demand is known as _____
a. neoclassical economics b. classical economics c. new Keynesian economics d. Keynesian economics e. Marxist economics
This curve is downward sloping because there is ______
a. a neutral relationship between the price and quantity demanded
b. a complementary relationship between price and quantity demanded
c. a positive relationship between price and quantity demanded
d. a negative relationship between price and quantity demanded
Generational accounting refers to the
A. net tax rate of each generation, given the taxes they will pay, and the benefits they will receive. B. benefits received by each generation. C. tax rates paid by each generation. D. wealth of the old versus the wealth of the young.
According to the textbook, the dramatic global shift toward market capitalist economies in the 1980s and 1990s is in large part the result of:
A) an emphasis on individual ownership and decision making power yielding freedom not available under socialist systems. B) the philosophical and theoretical arguments of communism and socialism being finally proved correct. C) the realization that government controls will allocate resources on the basis of comparative advantage. D) a shift to more capital-intensive production.