The AD-AS diagram used in this chapter
A) is unrelated to the demand and supply diagram used in microeconomics
B) uses the average price level of all goods and services we buy as "price"
C) uses an AS-curve that is relatively more price elastic in the medium run than in the long run
D) uses an AS-curve that is vertical in the long run and horizontal in the very short run
E) all of the above
Correct Answer:
Verified
Q1: Which of the following is NOT reflected
Q2: Frictional unemployment is defined as
A)all unemployment above
Q3: The slope of the AS-curve becomes steeper
A)as
Q4: In the Keynesian aggregate supply curve case,
Q5: The level of GDP that corresponds to
Q7: Which of the following was NOT true
Q8: The Keynesian AS-curve implies that
A)the economy is
Q9: Which of the following is FALSE?
A)the AS-curve
Q10: Assume you mistakenly buried a $100 bill
Q11: Most economists prior to Keynes thought that
A)unemployment
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