In terms of aggregate supply, a period in which nominal wages and other resource prices are fully responsive to price-level changes is called the:

If a union limits its size to the number of employed members it had when the union was first formed, over time there will be

A) an increase in the supply of union labor. B) falling wages as demand for workers increases. C) rising wages as demand for workers increases and the supply increases proportionally. D) rising wages as demand for workers increases but some potential workers are denied a place in the union.

The German Hyperinflation of the early 1920s was caused by

A) the German government raising funds for expenditures by selling bonds to the central bank. B) an overly aggressive monetary policy implemented to combat a severe recession. C) rising oil prices after World War I caused a severe stagflation and hyperinflation. D) large deficits resulting from the high levels of war spending and falling taxes.