The development of interchangeable parts by Eli Whitney and Simeon North allowed:
a.
a. firms to better implement continuous-process manufacturing.
b. producers to reduce production costs and increase supply.
c. for easier and cheaper repair of damaged goods.
d. All of the above.
d. All of the above.
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If society wants aggregate demand to increase without changes in the price level, then there must be
A) an increase in autonomous spending combined with an increase in the marginal propensity to save. B) a gap between full employment and the current level of real GDP and an increase in autonomous spending. C) an increase in autonomous saving so that autonomous investment spending can increase. D) an increase in autonomous spending and a horizontal short-run aggregate supply curve.
If the real interest rate is 3% and the inflation rate is 6%, the nominal interest rate is
a. 2% b. 3% c. 9% d. 18%