The Keynesian AS curve differs from the classical AS curve in that:
a. the classical AS curve assumes flexible nominal wages.
b. the Keynesian AS curve is upward sloping.
c. the Keynesian AS curve focuses on short-run behavior.
d. b and c.
e. all of the above.
E
Economics
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Consider the budget line in the above figure. If the consumer's income is $240, then the price of a book is
A) $20 per book. B) $24 per book. C) $12 per book. D) More information is needed to determine the price of a book.
Economics
The difference between the pretax and posttax return to an economic activity is known as the
A) tax multiplier. B) net tax. C) tax burden. D) tax wedge.
Economics