In traditional Keynesian economics:
a. the aggregate supply curve is vertical.
b. the aggregate supply curve is horizontal.
c. the aggregate supply curve is upward-sloping.
d. the aggregate demand curve is horizontal.
e. the aggregate demand curve is vertical.
b
You might also like to view...
When an import quota is imposed on tomatoes, the price of tomatoes ________ and the quantity bought ________, so domestic consumers ________
A) rises; increases; lose B) rises; decreases; lose C) falls; decreases; lose D) falls; increases; lose E) rises; decreases; gain
The size of a country's GDP is the best way to identify a less-developed country
Indicate whether the statement is true or false
The increase in bank supervision in the United States in the 1980s and early 1990s was due to an increase in bank
A. profits. B. ownership of common stocks. C. failures. D. deposits and loans.
When an economy is operating under conditions of full employment, the production of more of commodity A will mean the production of less of commodity B because:
A. of the law of increasing opportunity costs. B. economic wants are insatiable. C. resources are limited. D. resources are specialized and only imperfectly substitutable.