A vertical long-run aggregate-supply curve represents
a) both the classical dichotomy and monetary neutrality.
b) the classical dichotomy but not monetary neutrality.
c) neither the classical dichotomy nor monetary neutrality.
d) monetary neutrality but not the classical dichotomy.
Answer: a) both the classical dichotomy and monetary neutrality.
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IndividualOpportunity CostPramilla2 units of good X to produce 1 unit of good YSam3 units of good X to produce 1 unit of good YGeorge4 units of good Y to produce 1 unit of good XLucas5 units of good Y to produce 1 unit of good XConsider the opportunity costs of producing goods X and Y that are listed for the four individuals above. Which person has a comparative advantage in producing good X?
A. Pramilla B. Sam C. Lucas D. George
Of the following, which is most likely to be a normal good?
a. hamburger b. automobiles c. used clothing d. low-rent housing units e. macaroni and cheese
The aggregate demand curve has an upward slope due to the positive relationship between the price level and aggregate quantity demanded
a. True b. False Indicate whether the statement is true or false
The current international monetary system is based on a commodity standard.
Answer the following statement true (T) or false (F)