Which of the following is true of the long-run aggregate supply curve?
a. It is vertical
b. The level of RGDP supplied does not change as the price level changes.
c. The level of RGDP supplied changes with the levels of capital, land, labor, and technology available to the economy.
d. all of the above
d
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Briefly compare the three tax systems based on the relationship between the marginal tax rate and the average tax rate as income rises
What will be an ideal response?
Define the following terms:
a. Recession b. Mixed economy c. Transfer payments d. Progressive taxation
Which of the following is included in the consumption component of U.S. GDP?
a. purchases of staplers, paper clips, and pens by U.S. business firms b. purchases of natural gas by U.S. households c. purchases of newly constructed homes by U.S. households d. All of the above are correct.
Refer to the information provided in Table 30.2 below to answer the question(s) that follow.
Table 30.2
Refer to Table 30.2. What is the real wage rate in 2015 using 2016 as the base year?
A. $11.20 B. $10.80 C. $6.65 D. $5.71