The aggregate demand curve illustrates the relationship between ________ and the ________, holding constant all other factors that affect aggregate expenditure
A) the inflation rate; quantity of planned aggregate expenditure
B) the price level; quantity of consumption expenditure
C) the price level; quantity of planned aggregate expenditure
D) the price level; quantity of planned investment expenditure
C
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Which of the following applies to the "value of money"?
i. It is the inverse of the price level. ii. The value of money falls during economic expansions. iii. It is the quantity of goods and services that a unit of money will buy. A) iii only B) i and ii C) i, ii and iii D) ii and iii E) i and iii
Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run we are all dead."
A beneficial supply shock that has a prolonged impact on the economy permanently increases output and lowers prices
Indicate whether the statement is true or false
After graduating from college, it takes Kim several months to find a professional job. This is an example of which type of unemployment?
A. Structural unemployment B. Seasonal unemployment C. Cyclical unemployment D. Frictional unemployment