Q1. Aggregate supply curves, for high levels of output, are ________ and ________ for low levels of output.
relatively steep; relatively flat
relatively steep; remain steep
relatively flat; remain flat
Q2. Which of the following will affect the steepness of the aggregate supply curve?
The wealth effect.
How sensitive employment is to changes in the real wage.
The foreign price effect.
Q3.If the government saw that consumer confidence was excessive, what step could it take to shift the AD to the left?
The Federal Reserve could increase interest rates.
Congress could cut tax rates.
Government could increase its spending.
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