Most economists believe that in the short run:
A) real and nominal variables are highly interrelated
B) only real variables are highly interrelated
C) only nominal variables are highly interrelated
D) none of the above
Correct Answer:
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Q31: When the price level falls:
A)households try to
Q32: The aggregate-supply curve shows:
A)the quantity of goods
Q33: The wealth effect implies that:
A)when consumer wealth
Q34: When firms cut back production:
A)they employ more
Q35: Most economists believe that classical economic theory
Q37: Another reason for the downward slope of
Q38: Okun's law looks at the relationship between:
A)inflation
Q39: The aggregate-demand curve shows:
A)the quantity of goods
Q40: In a recession, real GDP falls and:
A)unemployment
Q41: Which of the following statements about aggregate
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