The aggregate supply curve shows the relation between
A) the real interest rate and the aggregate amount of output that firms supply.
B) the price level and the aggregate amount of output that firms supply.
C) the supply of goods by firms and the price of goods relative to the price of nonmonetary assets.
D) the inflation rate and the unemployment rate.
B
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Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________
A) discretionary fiscal policy; automatic stabilizers B) automatic stabilizers; monetary policy C) discretionary fiscal policy; conscious fiscal policy D) automatic stabilizers; discretionary fiscal policy
George is a gift giver and Roger is a gift recipient. George has Roger in his utility function, but Roger does not have George in his utility function. Roger may try to get George to __________________ George's efficient number of gifts to (give)
A) give more gifts to him than B) reduce the number of gifts he receives below C) increase the number of gifts he receives beyond D) a and b E) a and c