An improvement in technology would shift which of the following curve(s)?
a. aggregate demand and short-run aggregate supply
b. only the short-run aggregate supply
c. only the aggregate demand
d. short-run and long-run aggregate supply
D
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Gross domestic product measures the ________ value of ________ goods and services produced during a ________ time period
A) inherent; market; fixed B) final; intermediate; stable C) intermediate; final; constant D) market; final; given
If full-employment GDP is equal to $4.2 trillion, what does the long-run aggregate supply curve look like?
A) It is a vertical line at a level of GDP above $4.2 trillion. B) It is a vertical line at $4.2 trillion of GDP. C) It is a horizontal line at $4.2 trillion of GDP. D) It is a vertical line at a level of GDP below $4.2 trillion.
The proliferation of the horse in the 17th century caused Great Plains Indians to:
a. increase their reliance on agricultural work. b. engage in less tribal warfare. c. use smaller and more independent hunting groups. d. kill fewer bison, but make more intensive use of the meat on the carcass.
Which of the following directs the buying and selling of U.S. government securities?
a. Board of Governors. b. Federal Reserve Banks. c. Federal Open Market Committee. d. Federal Advisory Council. e. Member banks.