The horizontal axis on the aggregate demand-aggregate supply model measures
a. the price of the specific product produced.
b. the level of total output.
c. the price level.
d. the level of employment.
b
You might also like to view...
The "lemons problem" is overcome in the used car market by
A) strict government regulation of private deals between individual buyers and sellers of used cars. B) most used cars selling for well below their true values. C) "lemon insurance" policies being offered by insurance companies. D) the existence of used car dealers who are concerned about maintaining their reputations.
"Other things being equal, the monopolist hires fewer workers than would be hired than a perfectly competitive industry." Do you agree or disagree? Why?
What will be an ideal response?
"Equality of opportunities is more important than equality of incomes.". This statement would be most likely attributed to which political philosophy?
a. utilitarianism b. liberalism c. libertarianism d. welfarism
What is a primary market?
A) a market where primary inputs like steel are sold B) a market where you can sell any bonds you own as a private investor C) a market where newly issued claims are sold to initial buyers by the borrowing firm D) a market where you can sell any stocks you own as a private investor