The labels for the axes of an aggregate supply curve should be ________.
A. real domestic output for the horizontal axis and price level for the vertical axis
B. real domestic output for the vertical axis and price level for the horizontal axis
C. real employment for the vertical axis and price level for the horizontal axis
D. aggregate demand for the vertical axis and real national output for the horizontal axis
Answer: A
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Economic theory is a necessity, not a luxury. This statement is true because theory
A. always leads to practical and useful policy. B. can prevent depressions in the economy. C. substitutes for vast amounts of data. D. provides a structure for organizing and analyzing data. E. always leads to accurate predictions.
What are Medicaid and Medicare?
What will be an ideal response?
Total Reserves minus vault cash equals
A) bank deposits with the Fed. B) excess reserves. C) required reserves. D) currency in circulation.
The nominal interest rate is:
A. the everyday notion of the interest rate adjusted for inflation. B. the reported interest rate, adjusted for the effects of inflation. C. the amount of interest the bank charges you for saving or pays you for borrowing. D. the amount of interest the bank pays you for saving or charges you for borrowing.