The aggregate supply curve is:
A. downward-sloping.
B. the sum total of the production of all the firms in the economy for every level of profit.
C. the relationship between the overall price level and total production by firms.
D. the sum total of the production of all the firms in the economy for every given demand level.
Answer: C
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If the level of government expenditures is given, budget surpluses and deficits depend on tax revenues, which tend to vary directly with GDP.
a. true b. false
A tax levied on coal-fired plants that is based on the amount of carbon released in the atmosphere is considered by the firm as a:
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Answer the following statement true (T) or false (F)