A long-run aggregate supply curve may graphically be represented as a
A) vertical line. B) a downward sloping line.
C) an upward sloping line. D) horizontal line.
A
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Money serves all of the following functions except:
A) medium of exchange. B) store of value. C) unit of account. D) measure of power.
Suppose the nominal gross domestic product of a nation is $1,000 and the money supply is $500 . According to the equation of exchange, the velocity of money in the nation is: a. 1,000
b. 500. c. 2. d. 500,000.
Which of the following statements is correct?
A) The Social Security program funnels transfers from retired individuals to the youngest children of low-income families. B) Social Security is an entitlement which is available to everyone, including those who have not contributed to the fund during their active work years. C) Social Security benefits are received by people who had contributed to the fund during their active work years. D) As a public transfer payment, Social Security benefit is available only to the poor.
Taxes on products with elastic supply and demand curves result in ______.
a. less deadweight loss b. fewer mutually beneficial transactions c. more total output d. a greater quantity of goods exchanged