The aggregate supply curve
A) becomes vertical if there is excess production capacity within the economy.
B) shows a negative relationship between the price level and real Gross Domestic Product (GDP).
C) shows what each producer is willing and able to produce at each income level.
D) relates planned aggregate production to price level.
D
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Abe can catch 10 pounds of fish an hour or pick 10 pounds of fruit. Zeb can catch 30 pounds of fish an hour or pick 20 pounds of fruit
The opportunity cost of fish is ________ for Abe than for Zeb, and the opportunity cost of fruit is ________ for Abe than for Zeb. A) higher, lower B) lower, higher C) higher, higher D) lower, lower
The goal of Medicare is to
A) help the poor and indigent pay their hospital bills. B) prevent poverty in urban cities. C) subsidize medical expenses for the elderly. D) subsidize costs incurred by doctors.
Which of the following is most likely to be overconsumed?
A. Free water B. Tap water C. Sparkling water D. Bottled water
The financial system is made up of the:
A. government's offices that regulate over all transactions conducted between borrowers and savers. B. government and monetary authority. C. government's offices that keep watch over all transactions conducted between savers and lenders. D. institutions that bring together savers, borrowers, investors, and insurers in a set of interconnected markets where people trade financial products.