________: the schedule that shows how many units of a good that the consumer will purchase at different income levels, all other factors constant
Fill in the blank(s) with correct word
Engel curve
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In a modern dynamic economy such as the United States, full employment generally means
a. cyclical unemployment is present. b. everyone (excluding teenagers) that would like to work is employed. c. approximately 95 percent of the labor force is employed. d. 100 percent of the labor force is either working or seeking work.
An aggregate demand curve
A. shifts to the right when the price level increases and to the left when the price level falls. B. shifts to the right when population decreases and shifts to the left when population increases. C. does not shift, unlike individual or market demand curves. D. shifts to the right when any non-price-level factor increases total planned real spending.
A point lying inside the production possibilities curve [PPC] is not an attainable combination
a. True b. False Indicate whether the statement is true or false
Which of the following is true of the aggregate demand curve?
a. The aggregate demand curve shows the various levels of expenditures in the economy at alternative price levels. b. The aggregate demand curve implies a positive relationship between inflation and unemployment. c. The aggregate demand curve is identical to the income consumption curve. d. The aggregate demand curve has the same slope as the aggregate supply curve. e. The aggregate demand curve relates relative prices to the quantity demanded of a particular good.