Aggregate supply is the same thing as:
a. total national spending.
b. total domestic production.
c. aggregate demand.
d. a supply shock.
Ans: b. total domestic production.
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Refer to Figure 15-6. In the figure above, if the economy is at point A, the appropriate monetary policy by the Federal Reserve would be to
A) raise income taxes. B) raise interest rates. C) lower income taxes. D) lower interest rates.
What do economists mean by an efficient tax?
What will be an ideal response?
If unions are successful at increasing union wages, it will a. increase wages and employment in the union sector
b. increase wages and decrease employment in the union sector. c. increase wages and employment in the non-union sector. d. increase wages and decrease employment in the non-union sector.
The balanced budget multiplier is always equal to:
A. 0.50. B. 0.75. C. 1 / MPC. D. 1.