The long-run aggregate supply curve illustrates the...
What will be an ideal response?
relationship of prices with the level of GDP when real GDP equals potential GDP
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If a country's production possibilities curve gets more bowed out over time, it is an indication that
A) technological change has taken place. B) society is learning to use its resources more efficiently. C) the quantity of labor and capital have increased. D) resources have become more highly specialized.
The basic economic argument for the market system is that it promotes:
A. the use of money. B. equality in the distribution of income. C. personal freedom. D. an efficient allocation of resources.
Use the above figure. When the budget line rotates from "c" to "b"
A. the price of product K decreases and the quantity demanded of product K increases. B. the price of product K increases and the quantity demanded of product K decreases. C. the price of product J increases and the quantity demanded of product J decreases. D. the price of product J decreases and the quantity demanded of product J increases.
The personal saving rate is
A. the difference between personal income and disposable personal income. B. the percentage of disposable personal income that is saved. C. the difference between total personal spending and personal saving. D. the ratio of personal income to personal saving.