The aggregate supply curve is the relationship between the price level and the quantity of real GDP purchased.
Answer the following statement true (T) or false (F)
False
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During the 1987-88 expansion period interest rates in the United States rose as did the rate of investment in the economy. These facts suggest
A) the simple accelerator effect and the effects of higher interest rates complemented each other to raise output growth. B) the simple accelerator effect and the effects of lower interest rates complemented each other to lower output growth. C) the effects of the accelerator were greater than those of increased interest rates. D) the effects of the accelerator were smaller than those of increased interest rates.
There is 5 percent average tax on imported goods in the United States. This tax is known as a(n) ________.
A. tariff B. quota C. income tax D. sales tax
How is economic growth graphically depicted?
A. Aggregate demand shifts to the right. B. The long-run aggregate supply curve shifts right. C. The aggregate demand curve shifts to the left. D. Short-run aggregate supply shifts left.
Wilson can produce a maximum of 6 volleyballs (VBs) or 18 footballs (FBs). Spalding can produce a maximum of 8 VBs or 32 FBs. Which of the following is true?
a) Spalding has an absolute advantage in producing FBs. b) Spalding has an absolute advantage in producing VBs. c) Spalding has a comparative advantage in producing VBs. d) All of the above are true. e) A and B are true.