What is the shape of the AS in the short run and the long run?
a. AS is relatively flat in both the short and long run.
b. AS is relatively flat in the short run, but steeper in the long run.
c. AS is relatively steep in both the short and long run.
d. AS is relatively steep in the short run, but flatter in the long run.
b
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In 2006, the Bank of Japan adopted a policy framework focusing on
A) expected inflation one to two years in the future. B) current inflation. C) maintaining a fixed exchange rate. D) the growth in the money supply.
A federal budget deficit exists when:
A. federal government taxation is decreasing. B. federal government spending is increasing. C. federal government spending exceeds tax revenues. D. federal government assets are less than liabilities.
The substitution effect is
A. always greater than the income effect. B. always less than the income effect. C. sometimes less than the income effect. D. never greater than the income effect.
The Celler-Kefauver Act outlawed predatory pricing.
Answer the following statement true (T) or false (F)