The long-run aggregate supply curve is vertical
Indicate whether the statement is true or false
TRUE
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If the price is greater than the marginal cost of producing a good, the seller has
A) no benefit from the sale. B) a loss. C) some producer surplus from the sale. D) some negative consumer surplus from the sale. E) None of the above answers is correct.
Suppose the price level increases by 5 percent and the nominal wages of workers increase by 3 percent during a particular year. This implies that the real wage has: a. declined by 2 percent
b. declined by 8 percent. c. also increased by 2 percent. d. also increased by 8 percent. e. remained constant.
Suppose the Federal Reserve increases bank reserves and banks lend out some of these reserves, but at some point banks still have $5 million more they wish to lend out. If the reserve requirement is 10 percent, how much more money can banks create if they lend out the remaining amount?
a. $55 million b. $50 million c. $45 million d. $40 million
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. The slope of the isocost line (in absolute value) is
A. greater than 1. B. less than one. C. equal to 1. D. equal to 0.