The ________ curve has a positive slope because as prices of final goods and services rise, prices of inputs rise more slowly
A) short-run aggregate supply
B) long-run aggregate supply
C) short-run aggregate demand
D) long-run aggregate demand
Answer: A
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The gap between real GDP per person in the United States and South America has been narrowing since 1980
Indicate whether the statement is true or false
In the long run, the Federal Reserve can control which of the following?
A) the unemployment rate B) the growth rate of real GDP in the economy C) the inflation rate D) the natural rate of unemployment
Subprime mortgages are
A) mortgages issued to borrowers who fail to document that their incomes are high enough to afford their mortgages. B) mortgages issued to borrowers with flawed credit histories. C) mortgages which are bundled together by financial institutions and sold to investors. D) government-backed mortgages issued by Fannie Mae and Freddie Mac.
Government policies that use taxes and government spending in an attempt to stabilize the economy are known as a. Trade policy
b. Regulatory policy. c. monetary policy. d. fiscal policy.