Which of the following is true of the aggregate supply curve?
a. It shows the inverse relationship between prices and national output.
b. It shows the positive relationship between the price level and the supply of all goods produced in the economy.
c. It shows the amount of real GDP consumed at different price levels.
d. It is a negatively sloped curve that shows the relationship between the price level and the cost of production of firms in the economy.
e. It shows the positive relationship between price and quantity supplied of an individual good.
b
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Which of the following was not a major area addressed by the Dodd-Frank Bill (i.e., Wall Street Reform and Consumer Protection Act of 2010)
a. Reducing systemic threats to the U.S. financial system. b. Slow economic growth and the need for Congress to increase spending. c. Solving the "too big to fail" problem in the U.S. financial system. d. Improving credit rating agency performance and accountability.
Which of the following can be concluded from the relationships given below?(U.K. capital stock) < (rest of the world's capital stock)(U.K. labor supply) > (rest of the world's labor supply)
A. The rest of the world will export both commodities. B. The rest of the world will export labor-intensive goods. C. The United Kingdom is relatively labor-abundant compared to the rest of the world. D. The United Kingdom is relatively capital-abundant compared to the rest of the world.