Which of the following correctly describes the difference between aggregate output and aggregate demand?
a. Aggregate output is the relationship between the average price level and the quantity of all goods and services demanded, while aggregate demand is the total quantity of goods and services produced in the economy during a given time period, with other things constant.
b. Aggregate output is the total quantity of goods and services produced in the economy during a given time period, while aggregate demand is the relationship between the average price level and aggregate output demanded, with other things constant.
c. Aggregate output is that portion of the total quantity of goods and services sold through export sales, while aggregate demand is the remaining portion of the total quantity of goods and services sold domestically.
d. Aggregate output is the total quantity of goods and services imported in to the economy during a given time period, while aggregate demand is the relationship between the general price level and aggregate output demanded, with other things constant.
b
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Which of the following will likely increase the demand for downtown parking in a large city?
A) Improved bus service to the downtown area B) Lower downtown parking fees C) More downtown parking lots D) More freeways leading to the downtown area E) Much higher gasoline prices
Better public education serves to ________ unemployment
A) raise mismatch B) lower mismatch C) raise turnover D) lower turnover
It costs a firm $80 per unit to produce product A and $50 per unit to produce B individually. If the firm can produce both products together at $140 per unit of product A and B, this exhibits signs of
a. Economies of scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
Suppose the population (age 16 and over) of Peru is 400 million; 20 million are unemployed, and 230 million hold jobs. What are the rates of unemployment and labor force participation of Peru?
a. Unemployment is 8 percent, and labor force participation is 62.5 percent. b. Unemployment is 8.7 percent, and labor force participation is 92 percent. c. Unemployment is 8.7 percent, and labor force participation is 62.5 percent. d. Unemployment is 5 percent, and labor force participation is 57.5 percent.