A statement issued by the president's economic advisors stating that growth can continue without price increases indicates that they believe the relevant aggregate supply curve is
a. vertical.
b. horizontal.
c. downward sloping.
d. upward sloping.
b
Economics
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________ is the total value of final goods and services produced within the borders of a country, using current market prices to determine the value of each unit that is produced
A) Gross national product B) Real gross domestic product C) Nominal gross domestic product D) Total product
Economics
If the elasticity of demand for a good at a certain price is greater than one, we describe demand as _____.
(A) Unitary elastic (B) Elastic (C) Inelastic (D) Variable
Economics