The slope of the aggregate supply curve shows that, all else the same, the
A) quantity of real GDP supplied increases as the price level increases.
B) price level remains constant as potential GDP increases.
C) price level remains constant as real GDP increases.
D) quantity of real GDP supplied remains constant as the price level increases.
E) quantity of real GDP supplied decreases as the price level increases.
A
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Factors of production are:
A) the resources the economy has available to produce goods and services. B) generally unlimited in modern economies. C) always employed in modern economies. D) the knowledge that can be applied to the production of goods and services.
According to the infant industry argument for import protection, such protection is needed because:
A) foreign workers are often paid less than American workers. B) it enables our protected industries to achieve technological efficiency and thus become competitive with mature foreign industries. C) the nation's national security depends on a strong industrial base. D) it provides consumers with more and better goods in the long run.