The aggregate demand and aggregate supply graph has
a. quantity of output on the horizontal axis. Output can be measured by the GDP deflator.
b. quantity of output on the horizontal axis. Output can be measured by real GDP.
c. quantity of output on the vertical axis. Output can be measured by the GDP deflator.
d. quantity of output on the vertical axis. Output can be measured by real GDP.
b
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One of the opportunity costs of economic growth is
A) capital accumulation. B) technological change. C) reduced current consumption. D) the gain in future consumption.
The type of advertising used for an experience good is
A) informational advertising. B) persuasive advertising. C) search advertising. D) experience advertising.
Which of the following could cause the supply of carrots to decrease?
a. Consumers' incomes decrease. b. There is a technological advance in carrot production. c. Fertilizer costs increase. d. The number of farmers growing carrots increases. e. The price of carrots decreases.
The three main goals of macropolicy are (1) _______________; (2) _______________; and (3) ______________.
Fill in the blank(s) with the appropriate word(s).