Which of the following schools of thought reject the simple fixed-price model in favor of a model in which the aggregate supply curve is relatively flat at low levels of real GDP and slopes upward as real GDP approaches its potential level?

If the nominal interest rate is 8 percent and the inflation rate is 2 percent, the real interest rate is approximately

A) 4 percent. B) 6 percent. C) 0.25 percent. D) 10 percent.

By the early sixteenth century, the center of wealth and commerce of Europe had shifted:

a. from the Baltic to the Mediterranean. b. from the Mediterranean to the Atlantic. c. from Italy to North Africa. d. from France to Africa.