The short-run aggregate supply curve is a relationship between
A. capital goods and consumer goods.
B. real GDP and price level.
C. inflation and time.
D. unemployment and real GDP.
Answer: B
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Tom's marginal utility of Mountain Dew exceeds his marginal utility of crackers at his consumer equilibrium. Therefore, his consumer surplus from Mountain Dew must exceed his consumer surplus from crackers
Indicate whether the statement is true or false
A small open economy reduces its desired saving. This causes the world real interest rate to ________ and the country's current account balance to ________
A) fall; fall B) remain unchanged; rise C) fall; rise D) remain unchanged; fall
Social welfare can be enhanced by allowing firms to trade their rights to pollute
a. True b. False Indicate whether the statement is true or false
According to the No Marginal Improvement Principle, if X* is the best choice then at X* it must always be true that:
A. either MB = MC or the activity X is not finely divisible. B. either MB ? MC or the activity X is not finely divisible. C. either MB < MC or MB > MC. D. MB = MC.