Along a short-run aggregate supply curve, which of the following is (are) held constant?
A. aggregate demand
B. input prices
C. real GDP
D. relative prices of goods and services
Answer: B
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In New Keynesian analysis, firms are assumed to be
A) interested solely in maximizing their profit. B) interested in both their profit and the avoidance of business cycles. C) interested solely in avoiding business cycles. D) interested solely in maximizing production.
If the price level increases by 5 percent and the nominal wage increases by 3.5 percent, the real wage will decrease by 1.5 percent
a. True b. False Indicate whether the statement is true or false
The quantity supplied by domestic producers in an importing country must be less than the quantity demanded by its population
a. True b. False Indicate whether the statement is true or false
The gold standard prevented a nation from controlling its domestic economy through monetary policy
a. True b. False Indicate whether the statement is true or false