Consider an Economy with a Relatively Steep AS Curve

question 63

Multiple Choice

Consider an economy with a relatively steep AS curve.If there is a shift to the right in the AD curve,there will be a ________ in the price level and ________ in national output.

• A)small increase; a large increase
• B)small increase; a large decrease
• C)large increase; a small increase
• D)large increase; a small decrease
• E)large increase; no change

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Definitions:

Internal Control

A process implemented by a company to help ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Voucher System

An accounting system that involves the process of creating, approving, and documenting all purchases made by the company through vouchers.

Voucher Register

A comprehensive log that records details of all vouchers issued, including payment information, for accounting and auditing purposes.

Check Register

A record of checks written, deposits made, and balances in a checking account, used for tracking financial transactions.