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Author Question: If the aggregate supply curve is vertical, then shifts in aggregate demand will not change aggregate ... (Read 89 times)

big1devin

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on: Jun 30, 2018
If the aggregate supply curve is vertical, then shifts in aggregate demand will not change aggregate output.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If the price of wine increases, the quantity purchased will increase. Is this a positive or a normative economic statement? Explain your answer.


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leannegxo

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Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

Since it is a testable proposition, it is a positive economic statement. The statement need not be true, only testable.


big1devin

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

ebonylittles

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Reply 3 on: Yesterday
Wow, this really help

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