The aggregate demand curve:
a. shows the level of real GDP purchased in the economy at different possible price levels during a period of time.
b. shows the level of real GDP produced in the economy at different possible price levels during a period of time.
c. shifts to the left whenever there is an increase in aggregate expenditures.
d. slopes upward.
a
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If the substitution effect is always greater than the income effect, then an individual's labor supply curve will
a. bend backward b. always have a positive slope c. always have a negative slope d. be vertical e. be horizontal
The dollar has depreciated if it buys less of a foreign currency
a. True b. False Indicate whether the statement is true or false
Advocates of discretionary economic policy are most likely to be
A. Keynesians. B. supply-side economists. C. rational expectationists. D. Classical economists.
Using a production possibilities curve, economic growth is represented by
A. an inward shift of the curve. B. a movement along the curve. C. a pivot of the curve. D. an outward shift in the curve.