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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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What are the requirements for something to be considered money? Why does the dollar have value?
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with reference to incidence of taxation, explain with the help of a diagrams, who bears the incidence of taxation when the demand for a commodity is (i)perfectly inelastic (ii) uni
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