The aggregate demand curve:
a. shows the level of real GDP purchased in the economy at different possible price levels during a period of time.
b. shows the level of real GDP produced in the economy at different possible price levels during a period of time.
c. shifts to the left whenever there is an increase in aggregate expenditures.
d. slopes upward.
a
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The dollar has depreciated if it buys less of a foreign currency
a. True b. False Indicate whether the statement is true or false
Advocates of discretionary economic policy are most likely to be
A. Keynesians. B. supply-side economists. C. rational expectationists. D. Classical economists.
Using a production possibilities curve, economic growth is represented by
A. an inward shift of the curve. B. a movement along the curve. C. a pivot of the curve. D. an outward shift in the curve.
If the substitution effect is always greater than the income effect, then an individual's labor supply curve will
a. bend backward b. always have a positive slope c. always have a negative slope d. be vertical e. be horizontal