Which of the following statements is TRUE about the long-run and short-run aggregate supply curve in the classical model?
A) The long-run aggregate supply curve is vertical, and the short-run curve is horizontal.
B) The long-run aggregate supply curve is not defined, and the short run curve is vertical.
C) The long-run and short-run curves start out horizontal and eventually become vertical.
D) The long-run curve is vertical, and there is no short-run curve since all adjustments occur quickly.
Question 2
Which of the following statements is FALSE about the issues faced by the government when contemplating a tax?
A) Consideration must be given to how tax rates relate to the amount actually received.
B) Consideration must be given to how taxes influence market prices.
C) Consideration must be given to how taxes influence equilibrium quantity.
D) Consideration must be given to the amount of funds the government will be receiving from the transfer payments paid by the public to the government.
Intussusception. A short length of small intestine has telescoped into itself.
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