If the supply of money increases, the long-run aggregate supply curve suggests that output will not change but the price level will.
Answer the following statement true (T) or false (F)
True
You might also like to view...
The above figure shows the demand and cost curves facing a monopoly. The monopoly maximizes profit by setting price equal to
A) $100. B) $200. C) $300. D) $400.
According to the representative heuristic, if Roger has many of the characteristics of a millionaire, then people will:
A. be less likely to think that he is a millionaire. B. want to have those same characteristics. C. be more likely to think that he is a millionaire. D. think that many people are millionaires.
Which of the following pairs of goods is probably NOT an example of substitutes?
A. Hamburgers and ketchup B. Chicken and steak C. Raincoats and umbrellas D. Potatoes and stuffing
According to classical economists, unemployment rises in recessions due to an increase in ________ unemployment, not ________ unemployment.
A. frictional and structural; cyclical B. structural; frictional and cyclical C. cyclical; frictional and structural D. frictional and cyclical; structural