The long-run aggregate supply curve (LRAS) is represented by a ________ curve with respect to the CPI
a. horizontal
b. upward-sloping
c. downward-sloping
d. vertical
d
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Specialization and trade allow countries to consume beyond their PPFs
Indicate whether the statement is true or false
Money ________
A) is always composed of coins and paper B) loses its value as it becomes older C) requires a double coincidence of wants D) is any commodity that is generally acceptable as a means of payment
Suppose the price level rises and the money wage remains constant. This set of changes leads to
A) an upward movement along the LAS curve. B) an upward movement along the SAS curve. C) a leftward shift of the SAS curve. D) a leftward shift of the SAS curve and the LAS curve.
Consider a system in which a person earning $10,000 pays $1,000 in taxes, a person earning $25,000 pays $2,000 . and someone earning $60,000 pays $4,000 . What type of tax is this?
a. progressive b. proportional c. regressive d. property tax e. one based on the benefits principle of taxation