The aggregate demand curve slopes:
A. downward, like individual supply curves.
B. downward, like individual demand curves.
C. upward, like individual supply curves.
D. upward, like individual demand curves.
B. downward, like individual demand curves.
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Real GDP can be criticized as a measure of economic welfare because it
A) does not include the value of products produced in the household. B) does not take account of the degradation of environmental quality. C) does not include leisure time available to a society. D) All of the above answers are correct.
In the short-run, a perfectly competitive firm can earn normal profits or above normal profit but it cannot incur losses
a. True b. False Indicate whether the statement is true or false
Aggregation is important because it allows macroeconomists to divide a whole into its individual components
a. True b. False
The definition of M1 includes:
A. hard money and savings account balances. B. cash, checking accounts, savings accounts, and other financial instruments where money is locked away for a specified period of time. C. cash and checking account balances. D. cash and savings account balances.