The aggregate demand curve shows the relationship between inflation and:
A. short-run equilibrium output.
B. the real interest rate.
C. the exchange rate.
D. the nominal interest rate.
Answer: A
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The supply of euros would come from
a. American demand for European real estate. b. European demand for U.S. government bonds. c. Americans vacationing in Barcelona, Spain. d. French supplies of wine to U.S. importers.
Any reserves held by a bank above the amount of minimum legal reserves are called
A. total reserves. B. required reserves. C. fiat money. D. excess reserves.
An economy is producing at the least-cost rate of production when:
A. marginal cost is greater than average total cost. B. price and marginal revenue are equal. C. price and the minimum average cost are equal. D. marginal revenue is greater than price.
Product differentiation involves making a product that is
A) slightly different from the products of competing firms. B) no different than the products of competing firms. C) very different from the products of competing firms. D) completely different from the products of competing firms. E) cheaper than the products of competing firms.