The aggregate supply curve shows
A) the total of all planned production for an economy.
B) that real GDP can only increase when the price level increases.
C) what an economy can produce if resource prices are constant.
D) the various quantities of goods consumers will purchase.
A
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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.
Consumption goods that are produced, but not sold, become investment goods by default
Indicate whether the statement is true or false
Which of the following observations would be consistent with the imposition of a binding price ceiling on a market? After the price ceiling becomes effective,
a. a smaller quantity of the good is bought and sold. b. a smaller quantity of the good is demanded. c. a larger quantity of the good is supplied. d. the price rises above the previous equilibrium.
If $1 is worth 0.70 euros, then 1 euro is worth:
A. $7.43. B. $0.70. C. $1.43. D. $7.00.