Question : A perfectly elastic demand curve is:

Option 1: Horizontal.

Option 2: Vertical.

Option 3: Upward-sloping.

Option 4: Downward-sloping.

Question : In the long run, the aggregate supply curve is:

Option 1: Vertical
 

Option 2: Horizontal
   

Option 3: Upward-sloping

Option 4: Downward-sloping

Question : In the short run, the aggregate supply curve is:

Option 1: Vertical
   

Option 2: Horizontal
   

Option 3: Upward-sloping

Option 4: Downward-sloping

Question : Demand elasticity at the midpoint of a straight line demand curve:

Option 1: Will be unity

Option 2: Will be zero

Option 3: Will be infinity

Option 4: None of these

Question : The long-run Phillips curve is:

Option 1: Vertical
   

Option 2: Horizontal
   

Option 3: Upward-sloping

Option 4: Downward-sloping