The vertical axis of the aggregate demand–aggregate supply model measures the amount of
A. total employment.
B. total final output.
C. the price level.
D. net exports.
Answer: C
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The price of a candy bar is $1.13 in Year 1 and $1.18 in Year 2. The nominal wage rate is $8 in year 1 and $9 in year 2. What is the approximate percentage change in the real wage rate from year 1 to year 2?
A. 8% B. 2% C. 6% D. 4%
As a result of the large surpluses following the Clinton Administration, what did President George W. Bush do in 2001, which reduced the surplus?
A) lowered the interest rate to stimulate spending B) increased government spending C) made substantial cuts in taxes D) raised the interest rate to reduce spending
A profit-maximizing firm will never hire that quantity of a factor of production for which that factor has an increasing marginal productivity because:
a. it would not be maximizing output. b. it would not be maximizing the productivity of labor. c. it would not be minimizing costs. d. it would not be maximizing profits.
Nonexperimental data is called _____.?
A. ?cross-sectional data B. ?observational data C. ?time series data D. ?panel data