________ flexible wages and prices imply that the short-run aggregate supply curve is ________
A) More; flatter
B) Less; steeper
C) less; vertical
D) More; steeper
D
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Refer to Exhibit 7-5. During year 3, Country Z experienced economic _____________ and _________________.
A) decline; deflation (falling price level) B) growth; inflation (rising price level) C) growth; deflation (falling price level) D) decline; inflation (rising price level)
Under perfect competition, firms are relatively ignorant of the actions of their competitors.
Answer the following statement true (T) or false (F)
Many in Congress expect that future Social Security tax collections will fall short of the sum that will be needed to cover promised benefits. How can it cover this shortfall, and what are the problems associated with these solutions?
The production possibilities frontier slopes downward and to the right because of limited resources
a. True b. False Indicate whether the statement is true or false