Aggregate demand is defined as the total spending
a. of all consumers, business firms, government agencies, and foreigners on final goods and services produced in the United States.
b. by all consumers, business firms, government agencies, and foreigners in the United States.
c. consumers, businesses, government agencies, and foreigners wish to make in one year.
d. of consumers, businesses, and government agencies on final output.
a
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The Cobb-Douglas production function has which of the following properties?
a. output is a linear increasing function of each of the inputs b. it provides a good fit to the traditional S-shaped production function c. the elasticity of production is constant and equal to 1 minus the exponent of the appropriate variable d. all of the above e. none of the above
Voluntary exchanges between ________ generates surplus.
A. individuals B. countries C. firms D. All of these are true.
Greece did not engage in expansionary monetary policy to pull out of recession because
A. it opted out of the European Union. B. it used powerful fiscal policy tools and did not feel the need to use monetary policy tools. C. it was bailed out by Germany. D. it does not have its own central bank to use its own monetary policy.
Firms bear the bulk of the payroll tax when labor supply is very inelastic.
Answer the following statement true (T) or false (F)