Moving Along the Short-Run Aggregate Supply Curve,___________

question 91

Multiple Choice

Moving along the short-run aggregate supply curve,___________

• A) the money wage rate, the prices of other resources, and potential GDP remain constant
• B) real GDP equals nominal GDP
• C) the real wage rate is constant
• D) real GDP equals potential GDP

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Definitions:

Common Resources

Natural or man-made resources that are not owned by anyone, cannot be excluded from use, and are available for use by more than one person.

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative.

Basic Research

Investigative study focused on gaining more comprehensive knowledge or understanding of the fundamental aspects of phenomena without targeted applications towards processes or products in mind.

Congested Nontoll Road

A road that experiences high traffic levels leading to delays, without charging fees for use.