The short-run aggregate supply curve:
a. Is a schedule showing the relationship between the price level and the quantity of real GDP supplied.
b. Is typically upward sloping
c. reflects output prices changing relative to input prices.
d. all of the above
d
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The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. If a sales tax on sellers of the good is imposed, the tax is paid by
A) only buyers. B) only sellers. C) both buyers and sellers. D) neither buyers nor sellers.
What is a black market? What types of goods are likely to be traded in a black market? What are the problems that black markets pose in an economy?
What will be an ideal response?
An autonomous appreciation of the U.S. dollar makes American goods ________ expensive relative to foreign goods which ________ net exports in the U.S
A) less; decreases B) less; increases C) more; decreases D) more; increases
When an economy is operating below its potential capacity, Keynesian economists argue that:
a. taxes should be raised if the government is currently running a budget deficit. b. taxes should be lowered but only if the government is running a budget surplus. c. the government should cut taxes and/or increase spending in order to stimulate aggregate demand. d. all of these.