The aggregate demand curve of an economy:
a. is downward sloping.
b. first declines and then becomes positively sloped.
c. is horizontal
d. is vertical.
e. first rises and then becomes negatively sloped.
a
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Members of the Board of Governors are
A) elected by the district bank presidents. B) appointed by the President of the United States, subject to confirmation by the Senate. C) appointed by the National Monetary Commission. D) appointed by the Securities and Exchange Commission, subject to congressional veto.
When the Fed sells bonds, the quantity of reserves in the banking system declines and the money supply decreases.
a. true b. false
Use the figure below to calculate the cross-price elasticity of demand for good X when the price of good Y increases from $12 to $14:
A. 0.64 B. 0.20 C. 15.38 D. 0.42 E. 2.00
Which of the following is likely to occur if OPEC increases the amount of oil it supplies and domestic energy prices fall, ceteris paribus?
A. Aggregate supply will decrease or shift to the left. B. Aggregate supply will increase or shift to the right. C. Aggregate demand will increase or shift to the right. D. Aggregate demand will decrease or shift to the left.