On the long-run aggregate supply curve
A) an increase in the price level increases the aggregate quantity of GDP supplied.
B) an increase in the price level reduces the aggregate quantity of GDP supplied.
C) an increase in the price level has no effect on the aggregate quantity of GDP supplied.
D) an increase in the price level increases the level of potential GDP.
Answer: C
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If the Fed increases the required reserve ratio at a time when banks are holding excess reserves, then: a. the Fed's aim is to increase the money supply
b. banks are likely to lend out more money than they would if the Fed left the reserve ratio alone. c. banks are likely to earn higher profits than they would. d. the money supply will not increase as much as it would if the Fed left the reserve ratio alone. e. the Fed's aim is to conduct open market operations without changing the money supply.
The first major piece of prolabor legislation was the
a. Wagner Act b. Norris-LaGuardia Act c. Landrum-Griffin Act d. Civil Rights Act e. Taft-Hartley Act
One important category of state and local tax spending is ______.
a. Medicare b. Social Security c. police and fire protection d. national defense
A payment for a resource above the opportunity cost of the resource is
A. nominal rent. B. economic rent. C. real rent. D. social rent.