The aggregate supply curve slopes ________ because a ________ in the price level brings a ________ in the real wage rate
A) upward; rise; rise
B) downward; fall; rise
C) upward; rise; fall
D) upward; fall; fall
E) downward; rise; rise
C
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The amount of a good sold in a market at a particular price cannot exceed the quantity
A. demanded at that price. B. supplied at that price. C. sold when there is a price floor. D. sold when there is a price ceiling.
Aggregate demand increases when
A) foreign incomes fall. B) interest rates rise. C) the exchange rate rises. D) None of the above answers is correct.
Government spending programs that create jobs are often popular because
a. the created jobs are highly visible, while the secondary effects of lost jobs in other areas, higher interest rates, and higher future taxes are less visible. b. if a spending program is approved by Congress, it means that the value of what is produced is greater than the value of the resources used to produce it. c. the benefits of job creation are always greater than the costs. Jobs are the key to economic progress. d. when spending programs are funded by
When foreign countries buy wheat grown in the United States, they are generating a
A. Demand for U.S. dollars and a supply of a foreign currency. B. Demand for U.S. dollars and a demand for a foreign currency. C. Supply of U.S. dollars and a supply of a foreign currency. D. Supply of U.S. dollars and a demand for a foreign currency.