According to classical economics: both real GDP and price level are determined by aggregate supply. both real
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According to classical economics:
both real GDP and price level are determined by aggregate supply. |
both real GDP and price level are determined by aggregate demand. |
real GDP is determined by aggregate demand, while the equilibrium price level is determined by aggregate supply. |
real GDP is determined by aggregate supply, while the equilibrium price level is determined by aggregate demand. |
price level cannot be changed as prices and wages are perfectly rigid. |
All members of the Federal Board of Governors are appointed by the president and confirmed by the Senate.
True |
False |
The government sector sells resource services to households and buys goods and services from firms.
True |
False |
A by-product of the acceptance of the Keynesian school was the wide approval and practice of activist government fiscal policy around the world.
True |
False |
Assume that for a given year, the nominal interest rate is 9 percent while inflation rises to 11 percent indicating a 4 percent higher rate than anticipated. Which group of people is made better off by the inflation?
Those who borrow at variable interest rates |
Those who save at variable interest rates |
Those who borrow at fixed interest rates |
Those who receive fixed incomes |
Those who lend at fixed interest rates |
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