The short-run aggregate supply curve is:
a. upward-sloping
b. downward-sloping.
c. horizontal.
d. vertical.
a
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Which of the following is an example of an intermediate good?
a. a pair of jeans sold by a clothing retailer b. cloth sold to a suit manufacturer c. a share of Wal-Mart stock d. a used Ford Mustang sold from one neighbor to another
Explain the effect on output and price level from an increase in the short-run aggregate-supply curve
While the short-run Phillips curve is upward-sloping, the long-run Phillips curve is downward-sloping
Indicate whether the statement is true or false
Which of the following actions by the federal reserve will result in an increase in banks' excess reserves?
a) buying bonds on the open market b) selling bonds on the open market c) increasing the discount rate d) increasing the reserve requirement e) increasing the federal funds rate