A vertical aggregate supply schedule implies that
a. real wages cannot impact output.
b. unemployment cannot impact output.
c. aggregate demand is horizontal.
d. the price level does not impact output.
D
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If the Fed were to attempt to increase the money supply, it would most likely do so
A) by manipulating the discount rate. B) by manipulating the required reserve ratio. C) by altering the amount of gold held in Fort Knox. D) by engaging in open market operations.
Goods and services that can be produced by using commonly available resources that could be allocated to a wide variety of alternative tasks have a supply that is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic.
The ________ the total cost of litigation, the ________ likely the parties will ________.
A) larger; less; settle B) smaller; more; settle C) larger; more; litigate D) larger; more; settle
A period of stagflation is part of the normal aftermath of a period of excessive aggregate demand.
Answer the following statement true (T) or false (F)