Because of the slope(s) of the ________, we can say that a decrease in the price level leads to a higher level of real GDP demanded
A) short-run and long-run aggregate supply curves
B) short-run aggregate supply curve
C) aggregate demand curve
D) long-run aggregate supply curve
C
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The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage. b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied. c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded. d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.
The Federal Open Market Committee (FOMC) is composed of the seven members of the Board of Governors,
A) the president of the New York Federal Reserve District Bank, and four of the remaining 11 Federal Reserve District Bank presidents who rotate on an annual basis. B) and five state governors who rotate on an annual basis. C) four Federal Reserve District Bank presidents who rotate on an annual basis, and the head of the Senate Banking Committee. D) and the Secretary of the Treasury.