The law of supply implies that the supply curve is
A) flat.
B) upward sloping.
C) downward sloping.
D) vertical.
Answer: B
Economics
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What is measured on the vertical axis of the aggregate demand/aggregate supply model?
A) real Gross Domestic Product (GDP) B) nominal income C) the price level D) the interest rate
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The period 1992-200 was marked by
a. erratic changes in real GDP b. abnormally high levels of unemployment c. abnormally high levels of inflation d. sustained economic growth e. extended phase of recession
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