Economists who asset that the AS curve is vertical believe that changes in Real GDP originate only on the _____________of the economy; so government policy that is intended to impact the ____________________ of the economy will change only ______________, not ________________
A) demand side; supply side; Real GDP; prices
B) demand side; supply side; prices; Real GDP
C) supply side; demand side; Real GDP; prices
D) supply side; demand side; prices; Real GDP
D
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The total fiscal expenditure in a country during a particular year was $3.5 million. If the government borrows $1.2 million to meet this expenditure, then total tax revenue was:
a. $4.7 million. b. $3.2 million. c. $2.3 million. d. $1.2 million.
The U.S. government enacted minimum wage legislation to protect skilled workers.
Answer the following statement true (T) or false (F)
When ________ in a market, the total net benefit to society is maximized
A) deadweight loss is maximized B) a competitive equilibrium is achieved C) consumer surplus is minimized D) producer surplus is minimized
Does the recent increase in trend rate productivity experienced in the U.S. mean that the business cycle is dead?
What will be an ideal response?