The aggregate demand curve indicates the relationship between:
A. the real wage rate and the quality of resources demanded by producers of goods and services.
B. the interest rate and the amount of loanable funds demanded by borrowers.
C. the natural rate of unemployment and the demand for goods and services when the economy is in long-run equilibrium.
D. the general price level and the aggregate quantity of goods and services demanded.
Answer: D
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An asset becomes more liquid and hence more money-like
A) as its value relative to other goods approaches zero. B) as its value relative to other goods becomes more uncertain and unpredictable. C) as the cost of exchanging it for other goods approaches zero. D) when it is demanded for its own intrinsic value.
If you can produce more of something than others with the same resources, you have
A) a free-market economy. B) an absolute advantage. C) an efficient production system. D) a comparative advantage.
To accurately draw a labor supply curve, there should be a relationship between _______ and __________.
A. the wage rate; utility B. total expenditures; the wage rate C. the wage rate; hours worked D. taxes; utility
The aggregate supply curve shows the relationship between the:
A. overall price level in the economy and total production by firms. B. unemployment rate and total production by firms. C. overall price level in the economy and the unemployment rate. D. inflation rate and the overall price level in the economy.