Moving along the AS curve, when the price level increases, the
A) nominal wage rate falls, and there is an increase in the quantity of real GDP supplied.
B) real wage rate rises, and there is an increase in the quantity of real GDP supplied.
C) nominal wage rate rises, and there is a decrease in the quantity of real GDP supplied.
D) real wage rate falls, and there is an increase in the quantity of real GDP supplied.
E) real wage rate rises, and there is a decrease in the quantity of real GDP supplied.
D
You might also like to view...
Explain the connection between property rights and economic growth
What will be an ideal response?
The sum of all the income categories listed in the National Income and Product Accounts adds up to
A) gross domestic product. B) net national product. C) net domestic product at factor cost. D) disposable income after taxes. E) gross national product.
If a firm's average total cost is less than price where MR = MC
A) the firm should shut down. B) the firm should cut back on its output to lower its cost. C) the firm should continue to produce the output it is producing. D) the firm should raise its price.
Suppose a market is dominated by three firms. This type of market is called:
A.) Perfect competition. B.) A monopoly. C.) Monopolistic competition. D.) An oligopoly.