Real income is ________.
A) equal to money income minus taxes
B) equal to the income earned legally
C) equal to money income plus benefits minus taxes
D) the maximum amount of goods and services that a household can afford
Question 2
In a short-run macroeconomic equilibrium, real GDP exceeds potential GDP. If aggregate demand does not change, then the
A) short-run aggregate supply curve will shift rightward as the money wage rate falls.
B) short-run aggregate supply curve will shift leftward as the money wage rate rises.
C) long-run aggregate supply curve will shift leftward as the money wage rate rises.
D) long-run aggregate supply curve will shift leftward as the money wage rate falls.
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