Home / Questions / The price level is measured on the vertical axis of the ________ A) aggregate demand curv
The price level is measured on the vertical axis of the ________
A) aggregate demand curve.
B) nominal income curve.
C) short-run aggregate supply curve.
D) long-run aggregate supply curve.
22) The short-run aggregate supply function plots
A) planned expenditures against the price level.
B) total employment against the price level.
C) planned production against the price level.
D) real GDP against planned production.
23) The short-run aggregate supply function plots planned production against ________.
A) planned expenditures
B) total employment
C) the price level
D) real GDP
24) The short-run aggregate supply function plots ________ against the price level.
A) planned expenditures
B) total employment
C) planned production
D) real GDP
25) The ________ function plots planned production against the price level.
A) planned expenditures
B) total employment
C) short-run aggregate supply
D) real GDP
26) With respect to slope, the short-run aggregate supply function is normally
A) vertical.
B) positively sloped.
C) negatively sloped.
D) horizontal.
27) With respect to slope, ________ function is normally positively sloped.
A) aggregate demand
B) the short-run aggregate supply
C) planned aggregate expenditure
D) planned investment
28) The positive relationship between the short-run aggregate supply function and the price level suggests that, in the short run,
A) firms produce more output as the price level falls.
B) firms produce more output as the price levels rises.
C) wages increase along the aggregate supply function.
D) lower price levels are more profitable for the firm.
29) The ________ between the short-run aggregate supply function and the price level suggests that, in the short run, firms produce more output as the price levels rises.
A) negative relationship
B) positive relationship
C) inverse relationship
D) demand relationship
30) The positive relationship between the ________ function and the price level suggests that, in the short run, firms produce more output as the price levels rises.
A) long-run aggregate supply
B) short-run aggregate supply
C) aggregate demand
D) investment demand
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