The vertical slope of the long-run aggregate supply curve is based on the assumption that:
A. nominal wages and other resource costs do respond to price level changes.
B. nominal wages are greater than real wages.
C. nominal wages are less than real wages.
D. nominal wages and other resource costs do not respond to price level changes.
Answer: A
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Everything else equal, a depreciation of the dollar will:
A) cause the GDP of the U.S. to fall. B) cause the inflation rate in the U.S. to decrease. C) cause the GDP of the U.S. to increase. D) cause the net exports of the U.S. to decrease.
Under what conditions will the political process provide an inefficient amount of a public good?
What will be an ideal response?
Is it proper to say corporations pay taxes? Why or why not? How does the allocation of the corporate income tax burden change from the short to the long run?
What will be an ideal response?
In the 19th century, the federal government:
a. allocated funds to help build steamboats. b. passed laws requiring steamboat boiler inspections. c. required steamboat captains to undergo training in order to receive an operating license. d. regulated the fees that steamboats could charge for carrying freight. e. All of the above.