Use the following table to answer the next question. All figures in the table below are in billions of dollars.RGDPAggregate Expenditures (Closed Economy - No International Trade)ExportsImports$400$440$50$60450480506050052050605505605060600600506065064050607006805060If this economy were closed to international trade, then the equilibrium real GDP would be ________ billion and the multiplier would be ________.

Which of the following is true of the short-run aggregate supply curve?

a. It shows the relation between the inflation rate and the quantity of aggregate output firms supply, other things constant. b. It shows the relation between the price of labor and the aggregate quantity of labor workers supply, other things constant. c. It shows the relation between the interest rate and the quantity of capital goods firms supply, other things constant. d. It shows the relation between the price level and the quantity of aggregate output firms supply, other things constant. e. It shows an inverse relationship between the price level and real GDP.

Which of the following is true? a. The nominal wage will be constant only if the inflation rate is constant

b. The real wage will be greater than the nominal wage only if the inflation rate is constant. c. The nominal wage and the real wage will change by the same amount if the price level is constant. d. The real wage will be equal to one only if the price level is zero. e. The real wage will be constant only if the nominal wage is constant.