With fixed quantities of capital, land, and entrepreneurship and fixed technology, the amount of real GDP produced increases when ________ increases
i. the quantity of labor employed
ii. the inflation rate
iii. the price level
A) i only
B) ii only
C) iii only
D) ii and iii
E) i, ii, and iii
A
Economics
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As a consumer spends a larger share of his income on a particular good, the price elasticity of demand for that good:
A) increases. B) decreases. C) initially decreases then increases. D) remains the same.
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When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, which of the following curves slopes downward?
A) SRAS B) AD C) LRAS D) None of the above
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