The wealth effect, interest-rate effect, and exchange-rate effect all help explain why the aggregate demand curve is downward sloping. Phyllis, a fellow student in your AP Macro class, suggests that the substitution effect that you learned about in Unit 1 also explains why aggregate demand curve is downward sloping. She reasons that since it explains why a market demand curve is downward sloping, it must also be valid for aggregate demand. Explain why Phyllis is wrong.

John locke wrote that if the people of a country believe their government is unjust or abusing power, they have a right to overthrow it. which founding principle does his statement support? natural rights limited government republicanism social contract

Facial shaving brushes are either bulb-shaped or fan-shaped. an experiment is to be conducted to determine whether the lather thickness is the same for both types of shaving brushes. in previous studies, it was determined that shaving brush size (small, medium, large) is associated with lather thickness, but shaving brush type (wolf whiskers, maggard razors, frank shaving, and so on) is not associated with lather thickness. how could the experiment best be conducted? by blocking on shaving brush size by blocking on shaving brush type by blocking on shaving brush shape by blocking on lather thickness without blocking

If calculating interest by the previous balance method, purchases and payments during the month __ counted in calculation of interest. a. are b. are not c. must be d. are sometimes