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Aggregate supply curves, for high levels of output, are ________ and ________ for low levels of output.

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Q1. Aggregate supply curves, for high levels of output, are ________ and ________ for low levels of output.

  • relatively steep; relatively flat
  • relatively steep; remain steep
  • relatively flat; remain flat

Q2. Which of the following will affect the steepness of the aggregate supply curve?

  • The wealth effect.
  • How sensitive employment is to changes in the real wage.
  • The foreign price effect.

Q3.If the government saw that consumer confidence was excessive, what step could it take to shift the AD to the left?

  • The Federal Reserve could increase interest rates.
  • Congress could cut tax rates.
  • Government could increase its spending.
 
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