The aggregate supply curve is drawn with
a. the price level on the vertical axis and nominal GDP on the horizontal.
b. nominal GDP on the vertical axis and real GDP on the horizontal.
c. the price level on the vertical axis and real GDP on the horizontal.
d. real GDP on the horizontal and the rate of inflation on the vertical.
c
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In a simplified system, a bank receiving a new deposit can extend new loans equal to the amount by which its excess reserves increase
a. True b. False Indicate whether the statement is true or false
The Scarcity Principle states that:
A. society will eventually run out of resources. B. with limited resources, having more of one thing means having less of another. C. people don't have enough money to buy what they want. D. some countries have fewer resources than others.