A ______ is a legally binding promise to make specific future payments.

The Keynesian portion of the short-run aggregate supply (SRAS) curve implies

A) a downward slope. B) no price level changes. C) flexible prices and wages. D) an upward slope.

Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. As a result, this should

A) shift the short-run aggregate supply curve to the right. B) shift the short-run aggregate supply curve to the left. C) move the economy down along a stationary short-run aggregate supply curve. D) move the economy up along a stationary short-run aggregate supply curve.