NO EXPLANATION NEEDED. ANSWERS NEEDED IN 15 MINS

1. Since long-run production does not depend on the price level, the long-run aggregate supply curve (LRAS) is represented as a vertical line at the point of our long-run production level: potential GDP.

Group of answer choices

True

False

2. A higher price level in the U.S. relative to other countries makes our imports rise and exports fall, thus decreasing net exports and real GDP. The reverse is also true.

Group of answer choices

True

False

3. Total assets must equal total liabilities on a bank's balance sheet.

Group of answer choices

True

False

4. The dual mandate of the Fed has been in place since it was established in the early 1900s.

Group of answer choices

True

False

5. If total spending is less than total production, inventories rise, and the economy sees employment and GDP decrease towards the macroeconomic equilibrium.

Group of answer choices

True

False