Question
32. Which of the following statements is true? a The aggregate supply curve shows the value of real GDP at different price levels. b The
32. Which of the following statements is true?
a | The aggregate supply curve shows the value of real GDP at different price levels. |
b | The shape of the aggregate supply curve is determined on the basis of whether input prices and output prices are fixed or flexible. |
c | In the very short-run, both input prices and output prices are fixed. |
d | All of the above. |
e | Only a) and b) |
31. Which of the following statements is true?
a | Imported resources add to domestic supplies and act to reduce per-unit production costs, which increases aggregate supply. |
b | A decrease in the price of imported resources, such as oil, increases per-unit production costs, which then decreases aggregate supply. |
c | Exchange rate fluctuations can cause changes in per-unit costs. |
d | All of the above. |
e | Only a) and c) |
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