If nominal wages adjust slowly to changing economic conditions, then a decrease in the price level will cause the real wage rate to rise and employment and real output to fall. This description of the impact of a decrease in the price level on real output is used to explain:

The short-run supply curve of a competitive firm is the portion of:

A) its average cost curve that lies above its marginal cost curve. B) its average cost curve that lies below its marginal cost curve. C) its marginal cost curve that lies above its average variable cost curve. D) its marginal cost curve that lies below its average cost curve.

The current account includes records of a country's

A) net transfers. B) net investment income. C) net exports. D) All of the above are included in an economy's current account.