In the real business cycle model, the short-run aggregate supply curve is always the same as ________
A) long-run aggregate supply
B) the long-run aggregate demand schedule
C) the velocity of money
D) the real rate of interest
A
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If a firm wants to determine total cost, it needs
A. to add its variable costs to its fixed costs. B. the prices of inputs and of output. C. the variable cost per unit. D. the production function and the price of its output.
A conclusion of the classical macroeconomic model is that
A. the average price level is determined by the costs of production. B. the average price level is determined strictly by the money supply. C. changes in interest rates cause changes in the velocity of money. D. sustained unemployment is unavoidable in a market economy.
Which one of the following would lead to an eventual change in the total money supply?
A. a customer's cash withdrawal from an ATM B. a customer moves funds from her checking account to her savings account C. using a credit card to purchase a new television D. depositing a paycheck in a bank
If the price of wireless phone service decreases and the demand for wired phone services decreases, then wired and wireless phone services are
A) substitutes. B) complements. C) inferior goods. D) elastic goods.