An aggregate demand curve
A. is upward sloping.
B. relates aggregate quantity demanded to an index of variables including price level, worker productivity, and international exchange rates.
C. shows the amount of aggregate national production at different levels of disposable income.
D. shows the inverse relationship between the price level and the total quantity of goods and services demanded.
D. shows the inverse relationship between the price level and the total quantity of goods and services demanded.
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Saving is equivalent to withdrawing financial capital from the market.
Answer the following statement true (T) or false (F)
Refer to Figure 17-4. Which of the following is true if the wage rate increases from W0 to W1?
A) The supply curve is unit elastic. B) The income effect and the substitution effect are equal. C) The income effect is larger than the substitution effect. D) The substitution effect is larger than the income effect.
When something is indexed:
A. its value is automatically adjusted in proportion to the cost of living. B. it is expressed as nominal value multiplied by price index. C. its real value is converted into nominal terms for comparison. D. its relative rank in consumption items is compensated for relative to its cost.
Economics studies the logic of choices made from among available possibilities
a. True b. False Indicate whether the statement is true or false