When the AD curve is relatively flat
A. only monetary policy can be used to increase output.
B. only fiscal policy can be used to increase output.
C. both fiscal policy and monetary policy can be used to increase output.
D. neither fiscal policy nor monetary policy can be used to increase output.
Answer: C
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If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2016, we would say that in the year 2016, the average American could buy ________ times as many goods and services as the average American in 1950
A) 1/8 B) 4 C) 8 D) 12
A monopolist has no supply curve because
a. as demand changes, each output level can be consistent with more than one profit-maximizing price b. monopolists tend to restrict output c. monopolists have no marginal cost curve d. monopolists can charge any price they want e. as demand changes, the firm's profit-maximizing choice of output may change