In the macroeconomic model of aggregate supply and aggregate demand:
A. price is the overall price level.
B. quantity represents GDP.
C. price is calculated as a weighted average of the prices of all goods and services.
D. All of these are true.
D. All of these are true.
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Assuming the price level has not changed, how would an increase in the aggregate demand affect real GDP?
A. It decreases. B. It increases. C. It only changes with changes in imports. D. It only changes with changes in exports.
The exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights. B) private property rights. C) transaction costs. D) social benefits.
The price signal the consumer gets in a competitive market
A. In no way reflects opportunity cost. B. Is not reliable for making choices about the allocation of resources. C. Is an accurate reflection of opportunity cost. D. Is the result of the selfishness of individuals.
If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. lower average labor productivity. B. higher average labor productivity. C. the smaller population. D. the larger population.