A graph is one method of expressing a model
a. True
b. False
Indicate whether the statement is true or false
True
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To make the calculation of real GDP more accurate, in 1996 the BEA switched to using
A) base-year prices. B) chain-weighted prices. C) current prices. D) market prices.
The aggregate demand curve portrays the relationship between price level and real GDP. What are the three reasons this relationship is a negative or inverse relationship? Provide brief illustrations of each
Which of the following groups believes that the economy will move toward and achieve equilibrium at full employment without inflation if government just keeps its hands off the economy?
a. classical school b. Keynesian school c. neo-Keynesian school d. rational expectations school e. supply-side school
The monopolistically competitive firm in short-run equilibrium
a. faces a downward-sloping demand curve. b. has a marginal revenue curve which lies below its demand curve. c. maximizes profit where MR = MC. d. All of the above are correct.