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1. Monetary policy affects the ________ and ________.

a. reserve, unemployment.b. money supply, interest rate.c. taxes, exchange rate. d. stock price, minimum wage.

1. Monetary policy affects the ________ and ________.

a. reserve, unemployment.b. money supply, interest rate.c. taxes, exchange rate. d. stock price, minimum wage.

2. By using fiscal policy, i.e. varying ________ and/or ___________, governments achieve goals for output and employment growth as well as price stability.a. demand-pull inflation, tax elasticity.b. interest rates, financial liberalizationc. interest rates, tax rates.d. tax rates, government spending.

3. Inflation is measured by theI consumer price index (CPI).II GDP deflator.III current account.IV depreciation.

a. I and II only.b. I and III only.c. III and IV only.d. I, II and III.

3. Inflation is measured by theI consumer price index (CPI).II GDP deflator.III current account.IV depreciation.

a. I and II only.b. I and III only.c. III and IV only.d. I, II and III.

4. Demand‑pull inflation results from a. demand for government spending on public goods

goes down due to lack of financial backup through tax collection.

b. consumer, business, and government demand for goods and services in excess of an economy's capacity to produce.

c. a shortage of demand for good and services in excess of supply during depression.

d. demand for public goods is greater than demand for consumer goods.

4. Demand‑pull inflation results from a. demand for government spending on public goods

goes down due to lack of financial backup through tax collection.

b. consumer, business, and government demand for goods and services in excess of an economy's capacity to produce.

c. a shortage of demand for good and services in excess of supply during depression.

d. demand for public goods is greater than demand for consumer goods.

5. International trade and specialization are determined by

a. absolute advantage.

b. comparative advantage.

c. absolute costs.

d. production possibility frontier.

5. International trade and specialization are determined by

a. absolute advantage.

b. comparative advantage.

c. absolute costs.

d. production possibility frontier.

6. An increase in oil prices, such as the oil shocks in the 70s, lead to _______ thereby causing ________

a. a movement along the AS curve; cost-push inflation

b. a leftward shift in the AS curve; demand-pull inflation

c. a rightward shift in the AS curve; cost-push inflation

d. a leftward shift in the AS curve; cost-push inflation

6. An increase in oil prices, such as the oil shocks in the 70s, lead to _______ thereby causing ________

a. a movement along the AS curve; cost-push inflation

b. a leftward shift in the AS curve; demand-pull inflation

c. a rightward shift in the AS curve; cost-push inflation

d. a leftward shift in the AS curve; cost-push inflation

7. Employment tends to _______ when aggregate output ______

a. rise, falls

b. rise; rises

c. falls; rises

d. not change; falls

7. Employment tends to _______ when aggregate output ______

a. rise, falls

b. rise; rises

c. falls; rises

d. not change; falls

8. The ___________ lag for fiscal policy is generally ______ than it is for monetary policy.

a. recognition; shorter

b. recognition; longer

c. implementation; shorter

d. implementation; longer

8. The ___________ lag for fiscal policy is generally ______ than it is for monetary policy.

a. recognition; shorter

b. recognition; longer

c. implementation; shorter

d. implementation; longer

9. A bond isa. a promise to pay back a loan over an

unspecified period

b. allows the firm to access funds with mo liabilities

c. the only way a firm can raise funds

d. a document that promises to pay back a loan under specified terms over a specified period of time

9. A bond isa. a promise to pay back a loan over an

unspecified period

b. allows the firm to access funds with mo liabilities

c. the only way a firm can raise funds

d. a document that promises to pay back a loan under specified terms over a specified period of time

10. The market price of bonds can fluctuate depending on

a. how many bonds were sold

b. who bought the bonds

c. the amount of the coupon

d. the interest rate

10. The market price of bonds can fluctuate depending on

a. how many bonds were sold

b. who bought the bonds

c. the amount of the coupon

d. the interest rate

11. An increase in costs will:

a) Shift aggregate demand

b) Shift aggregate supply

c) Reduce the natural rate of unemployment

d) Increase the productivity of employees

11. An increase in costs will:

a) Shift aggregate demand

b) Shift aggregate supply

c) Reduce the natural rate of unemployment

d) Increase the productivity of employees

12. Tariffs:

a) Decrease the domestic price of a product

b) Increase government earnings from tax

c) Increase the quantity of imports

d) Decrease domestic production

12. Tariffs:

a) Decrease the domestic price of a product

b) Increase government earnings from tax

c) Increase the quantity of imports

d) Decrease domestic production

13. Which of the following is a macroeconomic issue?

a) The price of houses in Oxford

b) The wage rate for plumbers in London

c) Your decision to work or stay at home

d) The level of unemployment in the UK

13. Which of the following is a macroeconomic issue?

a) The price of houses in Oxford

b) The wage rate for plumbers in London

c) Your decision to work or stay at home

d) The level of unemployment in the UK

14. Which of the following is not a macroeconomic issue?

a) Unemployment

b) Inflation

c) The wages paid to footballers

d) Economic growth

14. Which of the following is not a macroeconomic issue?

a) Unemployment

b) Inflation

c) The wages paid to footballers

d) Economic growth

15. Potential GDP is*a. another name for real GDP.

b. always different from real GDP.

c. the level of GDP not adjusted for price changes.

d. achieved when all factors of production are fully employed.

15. Potential GDP is*a. another name for real GDP.

b. always different from real GDP.

c. the level of GDP not adjusted for price changes.

d. achieved when all factors of production are fully employed.

16. Economic growth in the United States can be characterized by

a. movements along its Inflation index.

b. increases in potential GDP.

c. the productivity growth slowdown in the 1990s.

d. high rates of inflation.

16. Economic growth in the United States can be characterized by

a. movements along its Inflation index.

b. increases in potential GDP.

c. the productivity growth slowdown in the 1990s.

d. high rates of inflation.

17. In the above figure, economic growth can be represented as the movement from

a. point a to point b.

b. point b to point c.

c. point c to point d.

d. point d to point a.

17. In the above figure, economic growth can be represented as the movement from

a. point a to point b.

b. point b to point c.

c. point c to point d.

d. point d to point a.

18. A business cycle isa. the pattern of short-run upward and

downward movements in total output.b. the increase in consumer spending that

accompanies an increase in disposable income.

c. the cyclical change in the nation’s balance of trade.

d. the cyclical movement in the interest rates.

18. A business cycle isa. the pattern of short-run upward and

downward movements in total output.b. the increase in consumer spending that

accompanies an increase in disposable income.

c. the cyclical change in the nation’s balance of trade.

d. the cyclical movement in the interest rates.

19. An expansion occurs when the level of real GDP is

a. increasing.

b. decreasing.

c. at a cyclical peak.

d. at a cyclical trough.

19. An expansion occurs when the level of real GDP is

a. increasing.

b. decreasing.

c. at a cyclical peak.

d. at a cyclical trough.

20. An expansion ends when the economy

a. hits a trough and then enters a recession.

b. hits a peak and then enters a recession.

c. begins to grow following a peak.

d. has grown for two quarters in a row.

20. An expansion ends when the economy

a. hits a trough and then enters a recession.

b. hits a peak and then enters a recession.

c. begins to grow following a peak.

d. has grown for two quarters in a row.

21. A peak is thea. lower turning point of a business cycle when

an expansion ends.b. lower turning point of a business cycle when

a recession ends.c. upper turning point of a business cycle

when an expansion ends.d. upper turning point of a business cycle

when a recession ends.

21. A peak is thea. lower turning point of a business cycle when

an expansion ends.b. lower turning point of a business cycle when

a recession ends.c. upper turning point of a business cycle

when an expansion ends.d. upper turning point of a business cycle

when a recession ends.

22. In the above figure, a recession begins at point ____ and an expansion begins at point ____.

a. a; b

b. b; c

c. b; a

d. d; c

22. In the above figure, a recession begins at point ____ and an expansion begins at point ____.

a. a; b

b. b; c

c. b; a

d. d; c

23. In the above figure, which point represents the under use of resources?

a. point F.

b. point G.

c. point H.

d. point K.

23. In the above figure, which point represents the under use of resources?

a. point F.

b. point G.

c. point H.

d. point K.

24. The unemployment rate generally ____ during recessions and ____ during expansions.

a. rises; falls

b. rises; rises

c. falls; rises

d. falls; falls

24. The unemployment rate generally ____ during recessions and ____ during expansions.

a. rises; falls

b. rises; rises

c. falls; rises

d. falls; falls

25. Which of the following points is likely to be associated with the highest unemployment rate?

26. Deflation is a

a. process of rising prices.

b. process of falling prices.

c. minor change in the price level.

d. large, one-time hike in the price level.

26. Deflation is a

a. process of rising prices.

b. process of falling prices.

c. minor change in the price level.

d. large, one-time hike in the price level.

27. In the table above, what inflation rate belongs in space A?

a. 17.0 percent.

b. 6.8 percent.

c. 8.3 percent.

d. –4.0 percent.

27. In the table above, what inflation rate belongs in space A?

a. 17.0 percent.

b. 6.8 percent.

c. 8.3 percent.

d. –4.0 percent.

28. If the CPI was 132.5 at the end of 2003 and140.2 at the end of 2004, the inflation rate over these two years was

a. 7.7 percent.

b. 5.4 percent.

c. 4.4 percent.

d. 5.8 percent.

a. 7.7 percent.

b. 5.4 percent.

c. 4.4 percent.

d. 5.8 percent.

a. 10.2 percent.

b. 13.8 percent.

c. 12.2 percent.

d. 16.8 percent.

a. 10.2 percent.

b. 13.8 percent.

c. 12.2 percent.

d. 16.8 percent.

30. The Consumer Price Index for country Beta in 2003 was equal to 203.5 and for 2004 it was 199.6. On the basis of this information which of the following statements is true?

A) Beta experienced an inflation rate of 3.9 percent. B) Beta experienced a deflation rate of 3.9 percent. C) Beta experienced an inflation rate of 1.9 percent. D) Beta experienced a deflation rate of 1.9 percent.

30. The Consumer Price Index for country Beta in 2003 was equal to 203.5 and for 2004 it was 199.6. On the basis of this information which of the following statements is true?

A) Beta experienced an inflation rate of 3.9 percent. B) Beta experienced a deflation rate of 3.9 percent. C) Beta experienced an inflation rate of 1.9 percent. D) Beta experienced a deflation rate of 1.9

percent.

31. The government has a budget surplus when government spending

A) exceeds tax receipts.

B) is less than tax receipts.

C) equals tax receipts.

D) is zero.

31. The government has a budget surplus when government spending

A) exceeds tax receipts.

B) is less than tax receipts.

C) equals tax receipts.

D) is zero.

32. Which of the following is included as part of fiscal policy?

A) The level of government spending.

B) Money supply.

C) The level of interest rates.

D) Monetary policy.

32. Which of the following is included as part of fiscal policy?

A) The level of government spending.

B) Money supply.

C) The level of interest rates.

D) Monetary policy.

33. A feature of a stock variable and a flow variable is that

A) a stock is a quantity per unit of time and a flow is a quantity that exists at a point in time.

B) a stock is a quantity that exists at a point in time and a flow is a quantity per unit of time.

C) a stock only measures the value of goods and services produced in a country during a given time period.

D) an example of a stock variable is real GDP and an example of a flow variable is consumption expenditure.

33. A feature of a stock variable and a flow variable is that

A) a stock is a quantity per unit of time and a flow is a quantity that exists at a point in time.

B) a stock is a quantity that exists at a point in time and a flow is a quantity per unit of time.

C) a stock only measures the value of goods and services produced in a country during a given time period.

D) an example of a stock variable is real GDP and an example of a flow variable is consumption expenditure.

34. GDP is

A) a measure of the amount of government debt.

B) investment in the nation’s economy.

C) stock.

D) flow.

34. GDP is

A) a measure of the amount of government debt.

B) investment in the nation’s economy.

C) stock.

D) flow.

35. Which of the following is not included in theinvestment component of GDP?A) A household purchases a new washing

machine.B) Purchase of new equipment by a business.C) A firm builds a new warehouse.D) A business fails to sell all of its output and

therefore experiences an increase in inventories.

35. Which of the following is not included in theinvestment component of GDP?A) A household purchases a new washing

machine.B) Purchase of new equipment by a business.C) A firm builds a new warehouse.D) A business fails to sell all of its output and

therefore experiences an increase in inventories.

36. Which of the following correctly describes GDP?I. GDP is a flow variable.II. GDP is the value of the production of an individualfirm’s goods and services.III. GDP can be calculated using the expenditureapproach or the income approach.

A) I only.B) III only.C) I and III.D) II and III.

36. Which of the following correctly describes GDP?I. GDP is a flow variable.II. GDP is the value of the production of an individualfirm’s goods and services.III. GDP can be calculated using the expenditureapproach or the income approach.

A) I only.B) III only.C) I and III.D) II and III.

37. GDP can be computed as the sum of

A) all sales that have taken place in an economyover a period of time.B) the total expenditures of consumers and businessover a period of time.C) the total expenditures of consumption, investment,and government purchases of goods and services over a period of

time.D) the total expenditures of consumption, investment,government purchases of goods and services, and net exports

over a period of time.

37. GDP can be computed as the sum of

A) all sales that have taken place in an economyover a period of time.B) the total expenditures of consumers and businessover a period of time.C) the total expenditures of consumption, investment,and government purchases of goods and services over a period of

time.D) the total expenditures of consumption, investment,

government purchases of goods and services, and net exports over a period of time.

38. In the expenditure approach to GDP, the largest component is

A) government purchases.

B) personal consumption expenditures.

C) gross private domestic investment.

D) net exports.

38. In the expenditure approach to GDP, the largest component is

A) government purchases.

B) personal consumption expenditures.

C) gross private domestic investment.

D) net exports.

39. Let C represent consumption expenditure, S saving, I gross private domestic investment, G government purchases of goods and services, and NX net exports of goods and services. Then GDP equals

A) C + S + G + NX.B) C + S + G – NX.C) C + I + G + NX.D) C + I + G – NX.

39. Let C represent consumption expenditure, S saving, I gross private domestic investment, G government purchases of goods and services, and NX net exports of goods and services. Then GDP equals

A) C + S + G + NX.B) C + S + G – NX.C) C + I + G + NX.D) C + I + G – NX.

40. The difference between gross investment and net investment is

A) inflation.

B) depreciation.

C) initial capital.

D) consumption.

40. The difference between gross investment and net investment is

A) inflation.

B) depreciation.

C) initial capital.

D) consumption.

41. Net exports of goods and services equal the

A) exports of goods and services divided by the imports

of goods and services.

B) exports of goods and services plus the imports of

goods and services.

C) exports of goods and services minus the imports

D) imports of goods and services minus the exports

41. Net exports of goods and services equal the

A) exports of goods and services divided by the imports

B) exports of goods and services plus the imports of

goods and services.

C) exports of goods and services minus the imports of goods and services.

D) imports of goods and services minus the exports

42. In the country of Kemper, real GDP in 2003 was $5 billion and real GDP in 2004 was $5.5 billion. The economic growth rate in 2004 was ____ .

A) 16.7 percent a year

B) $0.5 billion

C) 10 percent a year

D) 1 percent a year

42. In the country of Kemper, real GDP in 2003 was $5 billion and real GDP in 2004 was $5.5 billion. The economic growth rate in 2004 was ____ .

A) 16.7 percent a year

B) $0.5 billion

C) 10 percent a year

D) 1 percent a year

43. An aggregate supply (AS) curve depicts the relationship between

A) the price level and nominal GDP.B) household expenditures and household

income.C) the price level and the aggregate quantity

supplied.D) the price level and the aggregate quantity

demanded.

43. An aggregate supply (AS) curve depicts the relationship between

A) the price level and nominal GDP.B) household expenditures and household

income.C) the price level and the aggregate quantity

supplied.D) the price level and the aggregate quantity

demanded.

44. The aggregate demand curve

A) has a negative slope.

B) has a positive slope.

C) is vertical.

D) is horizontal.

44. The aggregate demand curve

A) has a negative slope.

B) has a positive slope.

C) is vertical.

D) is horizontal.

45. Moving along the aggregate demand curve, a decrease in the quantity of real GDP demanded is a result of

A) an increase in the price level.

B) a decrease in the price level.

C) an increase in income.

D) a decrease in income.

45. Moving along the aggregate demand curve, a decrease in the quantity of real GDP demanded is a result of

A) an increase in the price level.

B) a decrease in the price level.

C) an increase in income.

D) a decrease in income.

46. In the above figure, when the price level is 130, the quantity of real GDP demanded is

A) $9.6 trillion.

B) $9.8 trillion.

C) $10.0 trillion.

D) $10.2 trillion.

A) $9.6 trillion.

B) $9.8 trillion.

C) $10.0 trillion.

D) $10.2 trillion.

A) $9.6 trillion.

B) $9.8 trillion.

C) $10.0 trillion.

D) $10.2 trillion.

48. In the above figure, the economy is initially at point B. If the Fed increases the quantity of money, there is

A) a movement to point C.

B) a movement to point A.

C) a shift to AD2.

D) a shift to AD1.

48. In the above figure, the economy is initially at point B. If the Fed increases the quantity of money, there is

C) a shift to AD2.

D) a shift to AD1.

48. In the above figure, the economy is initially at point B. If the Fed decreases the quantity of money, there is

C) a shift to AD2.

D) a shift to AD1.

48. In the above figure, the economy is initially at point B. If the Fed decreases the quantity of money, there is

C) a shift to AD2.

D) a shift to AD1.

49. Full-employment equilibrium occurs when

A) real GDP exceeds potential GDP.

B) real GDP equals potential GDP.

C) potential GDP exceeds real GDP.

D) a result of an increase in long-run aggregate supply.

49. Full-employment equilibrium occurs when

A) real GDP exceeds potential GDP.

B) real GDP equals potential GDP.

C) potential GDP exceeds real GDP.

D) a result of an increase in long-run aggregate supply.

50. ____ economists believe that active help from fiscal and monetary policy is needed to insure that the economy is operating at full employment.

A) Keynesian

B) Monetarist

C) Classical

D) All

50. ____ economists believe that active help from fiscal and monetary policy is needed to insure that the economy is operating at full employment.

A) Keynesian

B) Monetarist

C) Classical

D) All

51. Which of the following does NOT describe a function of money?

A) a unit of account.

B) a hedge against inflation.

C) a medium of exchange.

D) a store of value.

51. Which of the following does NOT describe a function of money?

A) a unit of account.

B) a hedge against inflation.

C) a medium of exchange.

D) a store of value.

52. Barter is

A) another type of money.

B) printing too much money.

C) the exchange of goods and services directly for other goods and services.

D) the exchange of goods and services for any type of money.

52. Barter is

A) another type of money.

B) printing too much money.

C) the exchange of goods and services directly for other goods and services.

D) the exchange of goods and services for any type of money.

53. When you buy a hamburger for lunch, you are using money as a

A) store of value.

B) standard of deferred payment.

C) medium of exchange.

D) unit of accounting.

53. When you buy a hamburger for lunch, you are using money as a

A) store of value.

B) standard of deferred payment.

C) medium of exchange.

D) unit of accounting.

54. Which of the following is an example of using money as a store of value?

A) paying for a new dress with a credit card.

B) paying cash for a new automobile.

C) paying rent with a check on a demand deposit.

D) keeping $200 on hand for an emergency.

54. Which of the following is an example of using money as a store of value?

A) paying for a new dress with a credit card.

B) paying cash for a new automobile.

C) paying rent with a check on a demand deposit.

D) keeping $200 on hand for an emergency.

55. M1 is a measure of

A) money and includes both currency and checkingdeposits.B) liquidity and in which the most liquid asset ismoney.C) money and includes both savings deposits andcurrency.D) money and includes both savings deposits andmoney market mutual funds.

55. M1 is a measure of

A) money and includes both currency and checkingdeposits.B) liquidity and in which the most liquid asset ismoney.C) money and includes both savings deposits andcurrency.D) money and includes both savings deposits andmoney market mutual funds.

56. Which of the following components is a liability on a bank’s balance sheet?

A) reserves

B) deposits

C) loans

D) bonds held

56. Which of the following components is a liability on a bank’s balance sheet?

A) reserves

B) deposits

C) loans

D) bonds held

57. Reserve requirements are

A) minimum percentages of deposits that banks must hold in safe assets.

B) the minimum amount of an owner’s financial resources that must be placed in a depository institution.

C) rules covering the types of deposits that banks may offer.

D) rules covering the types of assets that banks may purchase.

57. Reserve requirements are

A) minimum percentages of deposits that banks must hold in safe assets.

B) the minimum amount of an owner’s financial resources that must be placed in a depository institution.

C) rules covering the types of deposits that banks may offer.

D) rules covering the types of assets that banks may purchase.

58. Excess reserves are

A) desired reserves minus actual reserves.

B) required reserves minus actual reserves.

C) liquidity funds minus actual reserves.

D) actual reserves minus required reserves.

58. Excess reserves are

A) desired reserves minus actual reserves.

B) required reserves minus actual reserves.

C) liquidity funds minus actual reserves.

D) actual reserves minus required reserves.

59. Which of the following is NOT a monetary policy tool?

A) discount rate

B) open market operations

C) required reserve ratio

D) federal funds rate

59. Which of the following is NOT a monetary policy tool?

A) discount rate

B) open market operations

C) required reserve ratio

D) federal funds rate

60. When the Fed lowers the required reserve ratio,

A) banks hold fewer reserves.

B) banks can increase their lending.

C) the quantity of money decreases.

D) Both answers A and B are correct.

60. When the Fed lowers the required reserve ratio,

A) banks hold fewer reserves.

B) banks can increase their lending.

C) the quantity of money decreases.

D) Both answers A and B are correct.

61. Fiscal policy affects which two components of aggregate demand either directly or indirectly?

a) Consumption and investment

b) Taxes and consumption

c) Government spending and consumption

d) Net exports and saving

e) Investment and net exports

61. Fiscal policy affects which two components of aggregate demand either directly or indirectly?

a) Consumption and investment

b) Taxes and consumption

c) Government spending and consumption

d) Net exports and saving

e) Investment and net exports

62. Budget deficits tend to grow during recessions because

a) real GDP growth is negative, which reduces tax receipts in relation to government expenditures.

b) real GDP growth is positive, which reduces both tax receipts and transfer payments.

c) real GDP growth is negative, which reduces transfer payments in relation to tax receipts.

d) real GDP growth is zero, which causes neither tax receipts nor government expenditures to grow.

e) real GDP growth is positive, which increases tax receipts in relation to government expenditures.

62. Budget deficits tend to grow during recessions because

a) real GDP growth is negative, which reduces tax receipts in relation to government expenditures.

b) real GDP growth is positive, which reduces both tax receipts and transfer payments.

c) real GDP growth is negative, which reduces transfer payments in relation to tax receipts.

d) real GDP growth is zero, which causes neither tax receipts nor government expenditures to grow.

e) real GDP growth is positive, which increases tax receipts in relation to government expenditures.

63. If the Bank of Canada buys a $10,000 bond from a chartered bank, and the banking system has a desired reserve ratio of 15%, then...

A)There will be $1,500 in excess reserves

B)The total increase in the Canadian money supply will be about $56,667

C)The total decrease in the Canadian money supply will be about $67,000

D)None of the above

63. If the Bank of Canada buys a $10,000 bond from a chartered bank, and the banking system has a desired reserve ratio of 15%, then...

A)There will be $1,500 in excess reserves

B)The total increase in the Canadian money supply will be about $56,667

C)The total decrease in the Canadian money supply will be about $67,000

D)None of the above

64. The rate of interest the Bank of Canada charges on loans supplied to the chartered banks is called...

A)The Prime Rate

B)The Bond Rate

C)The Depositor's Rate

D)The Bank Rate

64. The rate of interest the Bank of Canada charges on loans supplied to the chartered banks is called...

A)The Prime Rate

B)The Bond Rate

C)The Depositor's Rate

D)The Bank Rate

65. What does expansionary fiscal policy do to output?

(A) Does not affect it

(B) Increases it

(C) Decreases it

(D) It depends

65. What does expansionary fiscal policy do to output?

(A) Does not affect it

(B) Increases it

(C) Decreases it

(D) It depends

68. If the required reserve ratio is 20%, and a bank has $100 million in deposits, what are its required reserves?

1. $2 million

2. $5 million

3. $80 million

4. $20 million

68. If the required reserve ratio is 20%, and a bank has $100 million in deposits, what are its required reserves?

1. $2 million

2. $5 million

3. $80 million

4. $20 million

69. Required reserves + excess reserves = _______

1. scarce reserves

2. surplus reserves

3. actual reserves

4. total reserves

69. Required reserves + excess reserves = _______

1. scarce reserves

2. surplus reserves

3. actual reserves

4. total reserves

70. If the required reserve ratio is 1/4, what is the value of the money multiplier?

4 1 2 0

70. If the required reserve ratio is 1/4, what is the value of the money multiplier?

4 1 2 0

71. When the economy is producing at its maximum level of output, the supply curve is:

1. horizontal. 2. vertical. 3. impossible to determine. 4. moving to the left.

71. When the economy is producing at its maximum level of output, the supply curve is:

1. horizontal. 2. vertical. 3. impossible to determine. 4. moving to the left.

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