The aggregate supply curve (short run) ________.
A. graphs as a horizontal line
B. slopes downward and to the right
C. slopes upward and to the right
D. graphs as a vertical line
Answer: C
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Refer to Figure 5-16. Suppose Amit and Bree know each other's preferences so that it is not possible for one to deceive the other
Which of the following statements best describes the circumstances under which the optimal quantity of street lights could be achieved? A) The optimal quantity will be installed only if Bree pays for the entire installation cost. B) The optimal quantity will be installed only if the two parties agree to pay according to their willingness to pay as indicated by their respective demand curves. C) Because there are only two consumers, it is likely that private bargaining will result in the optimal quantity being installed. D) The optimal quantity will be installed only if the two parties split the cost of installation equally.
A falling GDP causes __________ the money demand curve
A) downward movement along B) upward movement along C) a rightward shift of D) a leftward shift of
The rationing function of prices refers to
A. the synchronization of decisions by buyers and sellers that leads to an equilibrium. B. the situation when government must intervene in a market when there is a large shortage or surplus. C. the situation when only the rich get the goods they want. D. the synchronization of decisions by buyers and sellers through the direction of government agencies.
If GDP is $10 trillion, Personal Consumption Expenditure is $6.5 trillion, Gross Private Investment is $2.0 trillion, and Government Consumption and Investment Expenditures together are $2.0 trillion,
A. Indirect Business Taxes are $0.5 trillion. B. Depreciation is $0.5 trillion. C. Net Exports are -$0.5 trillion. D. Net Exports are $0.5 trillion.