The values on the axes of the long-run aggregate supply diagram are
A) real GDP and interest rates. B) real GDP per year and the price level.
C) nominal GDP and the price level. D) real GDP and nominal GDP.
B
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The Federal Trade Commission was created by Congress as an expert body to
A) help small businesses compete by offering technical advice and assistance. B) help small businesses compete by providing low-interest start-up loans. C) prevent insider trading. D) promote competition by preventing trade practices held to be unfair. E) regulate prices on spot and futures markets.
A private cost is a cost of production that is
A) borne by the producer of a good. B) measured in marginal terms. C) borne by someone other than the producer of a good. D) measured in total terms.
Specifically, what might cause the quantity demanded of a particular good to double at a particular price?
What will be an ideal response?
What are the marginal propensity to consume and level of autonomous consumption spending for a consumption function of the following form: C = 1,200 + 0.5DI?
a. The marginal propensity to consume is 0.5; autonomous consumption spending is $0.50. b. The marginal propensity to consume is 0.5; autonomous consumption spending is $1,200. c. The marginal propensity to consume is 1,200; autonomous consumption spending is $0.50. d. The marginal propensity to consume is 1,200; autonomous consumption spending is $600. e. There is insufficient information to answer this.