Identify the correct statement about the aggregate supply curve.
a. The aggregate supply curve is irrelevant for determining macroeconomic equilibrium.
b. The aggregate supply curve shows the various quantities of a particular good that is produced in the economy.
c. The aggregate supply curve shows an inverse relationship between price level and employment.
d. The aggregate supply curve shifts inward with an increase in consumer spending, investment, government spending, and net exports.
e. The aggregate supply curve relates total output in the economy to alternative price levels.
Question 2
When economists use the term ceteris paribus, they mean that:
a. the causal relationship between two economic variables cannot be determined.
b. the analysis is true for the individual but not for the economy as a whole.
c. all other variables except the ones specified are assumed to be constant.
d. their conclusions are based on normative rather than positive economic analysis.
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