Under the new Constitution in 1789, the states gained the sovereign power to
(a) levy taxes.
(b) power and issue money.
(c) "regulate" the value of money.
(d) create corporations by special franchise.
(d)
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
What is the short-run industry supply curve in a perfectly competitive industry?
What will be an ideal response?
The food stamp program was started to _____
a. increase demand for agricultural products b. reduce poverty c. provide better nutrition for low-income individuals d. a and c
Autonomous consumption is defined as:
a. the level of consumption that depends only on the exchange rate. b. the consumption expenditures incurred by the government. c. the level of consumption that does not depend on income. d. an equilibrium condition that needs to be met for the aggregate expenditure model to work. e. the part of consumption that is related to investment.