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Explain whether the following statements are true or false:
a) The long run aggregate supply curve is vertical because economic forces do not affect long run aggregate supply.
b) The aggregate demand curve slopes downward because it is the horizontal sum of the demand curves for individual goods.
c) Whenever the economy enters a recession its long run aggregate supply curve shifts to the left.
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describe how open market policy can be used to stimulate economic activity in the country
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The law requires that the parties be competent to enter into a contract. Give an example of a party who lacks competence.
factors affecting national income
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