Compensation paid to employees represented ________ of GDP for the United States in 2014

Which of the following is true in the short run? a. The aggregate supply curve is horizontal

b. The aggregate supply curve is vertical. c. Per-unit costs do not increase as much as output prices when the price level rises. d. An increase in price per unit results in a decrease in profit per unit. e. Firms' total costs of production decrease as output expands beyond the potential level.

In making policies about the nation's money supply, the Federal Reserve Board

a. operates as an independent entity. b. must consult each member bank. c. must consult with Congress. d. must coordinate all activity with the White House.