The short-run aggregate supply curve is ________ and the long-run aggregate supply curve is _________
A) upward sloping; horizontal
B) vertical; upward sloping
C) vertical; horizontal
D) upward sloping; vertical
E) none of the above
D
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The JOBS program was generously funded
Indicate whether the statement is true or false
If Joe buys a coffee at Starbucks, his money serves as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
Today, the value of U.S. currency is backed by ______.
a. people’s faith in its ability to be converted into services and goods b. insurance provided by the Federal Deposit Insurance Corporation c. the silver standard due to its role in the international market d. the gold standard, with some account for digital currencies
How does human specialization contribute to an economy's output?
A. It makes use of differences in abilities. B. It decreases derived demand. C. It works like an "invisible hand." D. It is a process of creative destruction.