The total quantity of goods and services demanded by households, firms, foreigners, and government at varying price levels is:
a. gross domestic product.
b. aggregate demand.
c. aggregate expenditure.
d. total demand.
e. total expenditure.
b
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A price ceiling, such as a rent ceiling
A) always results in a surplus. B) always results in a shortage. C) results in a surplus if the ceiling price is less than the equilibrium price. D) results in a shortage if the ceiling price is less than the equilibrium price.
The situation where one person's demand for a good depends on the consumption of the good by others is called a
A) network externality. B) network internality. C) consumption externality. D) production externality.
When an economy experiences significant economic growth:
a. a negative relationship exists between output per capita and adult literacy rates. b. an indirect relationship exists between output per capita and adult literacy rates. c. a direct relationship exists between output per capita and adult literacy rates d. no observed relationship exists between output per capita and adult literacy rates.
A monopoly's economic profit is protected by the lack of entry of new firms even in the long run
Indicate whether the statement is true or false