The short run aggregate supply curve refers to a period in which input prices have not yet had time to adjust to changes in aggregate demand
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following taxes is based on the benefits-received principle?
a. corporate income taxes b. personal income taxes c. property taxes d. gasoline excise taxes e. user fees that collect the same amount from each person
The only way that an economy can increase its rate of consumption in the long run is by increasing the amount that it produces
a. True b. False Indicate whether the statement is true or false
As a result of pure free trade in a commodity the
a. price of the commodity must be the same in all countries. b. total quantity imported will exceed the total quantity exported. c. price of the commodity will be higher in the producing country. d. price of the commodity will be lower in the producing country.
Stagflation" refers to
A. a simultaneous increase in output and the price level. B. a simultaneous reduction in output and the price level. C. an increase in the price level accompanied by decreases or leveling off in real output and employment. D. a decline in the price level accompanied by increases in real output and employment.