The level of aggregate supply in the long run is not affected by
A) changes in technology. B) changes in the price level.
C) changes in the capital stock. D) changes in the number of workers.
B
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Fiscal policy is government action to influence aggregate demand and in turn to influence the level of real GDP and the price level, through:
a. expanding and contracting the money supply. b. regulation of net exports. c. changes in government spending and/or tax revenues. d. encouraging businesses to invest.
If a savings account pays 7% interest, then according to the rule of 70 how long will it take for the account balance to double?
Which is an example of a good with an elastic supply?
a. beef b. bananas c. lumber d. click-top pens
Which of the following is correct?
A. If demand is elastic, an increase in price will increase total revenue. B. If demand is elastic, a decrease in price will decrease total revenue. C. If demand is elastic, a decrease in price will increase total revenue. D. If demand is inelastic, an increase in price will decrease total revenue.