Aggregate demand (AD) refers to the amount of total spending on:
a. domestic goods and services in an economy.
b. international goods and services in an economy.
c. domestic marketing of goods and services in an economy.
d. international marketing of goods and services in an economy.
a. domestic goods and services in an economy.
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Refer to the scenario above. If the cost of advertising is negligible, what will the outcome of this game be?
A) Company A will advertise its products while Company B will not advertise. B) Company B will advertise while Company A will not advertise. C) Both the companies will advertise their products. D) Neither of the companies will advertise its products.
What argument do you believe policymakers use in some states to justify exempting unprepared food from sales tax? (Hint: the income elasticity of food is less than one)
What will be an ideal response?
In general, the more elastic a demand curve is the:
A. flatter it will be. B. steeper it will be. C. more bowed-in it will be. D. faster it will shift when price changes.
The Federal Open Market Committee is a. the group at the Federal Reserve that sets monetary policy. b. in charge of tax collection
c. the group that sets the amount of government spending. d. the group that reviews income assistance programs.