Aggregate supply is defined as
a. how much the economy can produce at zero unemployment.
b. an amount of output the economy will produce at full employment.
c. the relationship between the expenditures schedule and the leakages schedule.
d. the relationship between the price level and the quantity of real GDP supplied.
d
You might also like to view...
Both increases in the price level and increases in real GDP will decrease the demand for money
Indicate whether the statement is true or false
Each ounce of salt is chemically identical to every other ounce. Why then, does the Morton brand salt sell at your supermarket for a higher price than the store brand?
Define comparative advantage
In a fixed exchange rate system
A. market forces play a role in determining the fixed value of a currency. B. a central bank affects the value of a currency by changing its foreign exchange reserves. C. the International Monetary Fund determines exchange rates. D. market forces and the country's stock of gold determine its exchange rate.