Suppose the long-run aggregate supply curve shifts to the right as a consequence of the discovery of more efficient production technologies. Given unchanged aggregate expenditure, this implies a rise in long-run equilibrium output and a decline in the equilibrium price level

Physical capital is distinguished from human capital because

A) physical capital refers to trained people. B) physical capital refers to equipment and machinery, whereas human capital refers to trained people. C) human capital refers only to day laborers. D) physical capital refers to trained people, whereas human capital refers to equipment and machinery.

The current exchange rate system for most currencies is described most accurately as one of

A. fixed exchange rates. B. freely flexible exchange rates. C. gold standard rates. D. dirty or managed floating.