The Aggregate Supply Curve

question 10

Multiple Choice

The aggregate supply curve:

• A)shows the level of nominal GDP that firms are willing to produce at different price levels.
• B)shows the level of real GDP that firms are willing to consume at different price levels.
• C)shows the level of real GDP that firms are willing to produce at different price levels.
• D)shows the amount of goods and services consumers are willing to buy at different price levels.

Differentiate between different categories of interest groups and their objectives.

Discuss the legislative efforts to regulate lobbyists' activities and their outcomes.

Understand the factors influencing individuals' decisions to join interest groups and the benefits derived from membership.

Describe how interest groups address the "free-rider" problem.

---

Definitions:

Significance Level

The probability of rejecting the null hypothesis when it is actually true; a threshold chosen by the researcher to indicate the level of evidence needed to reject the null hypothesis.

Kruskal-Wallis Test

A nonparametric statistical test used to compare three or more independent samples to determine if they originate from the same distribution.

P-value

The probability of obtaining a test statistic at least as extreme as the one that was actually observed, assuming that the null hypothesis is true.

Test Statistic

A value calculated from sample data during a hypothesis test that is compared to a threshold value to decide whether to reject the null hypothesis.