The positive slope of the AS curve is a _____ phenomena, when the _____ are held constant
a. long-run; business profits
b. short-run; government expenditures
c. short-run; costs of production
d. long-run; commodity prices
e. long-run; aggregate expenditures
c
Economics
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When the consumer spends a small portion of his income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.
Economics
If the real interest rate is above zero, we know that the nominal interest rate must be:
A. lower than the inflation rate. B. higher than the inflation rate. C. equal to the inflation rate. D. zero.
Economics