In the classical model, the aggregate supply curve is
A. the same as the aggregate supply curve in the Keynesian model.
B. flat at low levels of output and then eventually slopes upward as output increases.
C. upward sloping in the short run but vertical in the long run.
D. always vertical.
Answer: D
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Sam uses Craig's Netflix account to watch movies and shows but does not actually pay for the service himself. This is an example of
A. The free-rider problem B. Economic optimization C. Scarcity D. Specialization and trade
The long-run Phillips curve shows the relationship between the inflation rate and the unemployment rate when the economy is
A) in expansion. B) at full inflation. C) away from potential GDP. D) in recession. E) at full employment.
Fill in the blank. A(n) ________ market requires perfect and complete information among all participants
A) monopolized B) oligopolized C) perfectly competitive D) effective
Which of the following is a source of inequality in incomes?
a. job preferences b. willingness to take risks c. differences in investment in human capital. d. All of the above are correct.