According to New Keynesian Economics

question 69

Multiple Choice

According to new Keynesian economics:

• A)the aggregate supply curve is horizontal at relatively low levels of real GDP and becomes negatively sloped, as more and more industries reach their full capacity level of output.
• B)the aggregate supply curve is negatively sloped at relatively low levels of real GDP and becomes horizontal, as more and more industries reach their full capacity level of output.
• C)the aggregate supply curve is horizontal at relatively low levels of real GDP and becomes positively sloped, as more and more industries reach their full capacity level of output.
• D)the aggregate supply curve is positively sloped at relatively low levels of real GDP and becomes horizontal, as more and more industries reach their full capacity level of output.
• E)the aggregate supply curve is positively sloped at relatively low levels of real GDP and becomes negatively sloped, as more and more industries reach their full capacity level of output.

Recognize the relevance of course of performance, course of dealing, and usage of trade in interpreting contracts under the UCC.

Analyze the requirements for contract modifications and the effects of additional or different terms in contract formation.

Distinguish between written and oral contracts and their enforceability under the UCC.

Understand the importance and role of express terms versus implied terms in contract disputes.

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Definitions:

Consumers

People or collectives who buy products and services for their own consumption.

Price Floor

A minimum price buyers are required to pay for a good or service; a form of price control.

Excise Tax

A tax on the sale or consumption of specific goods or services, such as tobacco, alcohol, and gasoline, often levied by the government at the point of manufacture or sale.

SUVs

SUVs, or Sport Utility Vehicles, are a type of vehicle that combines elements of road-going passenger cars with features from off-road vehicles, like higher ground clearance.