Within the aggregate demand/aggregate supply framework, the quantity produced and purchased in the goods and services market represents
What will be an ideal response?
real output or real GDP.
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A decrease in the price level will _____
a. shift the consumption function upward b. shift the consumption function upward c. result in an upward movement along the consumption function d. result in a downward movement along the consumption function e. shift the consumption function downward
Banks act as an intermediary between savers and borrowers by determining the:
A. price at which the quantity of funds saved will be equal to the quantity invested. B. quantity of funds that will be saved depending on the price. C. quantity of funds that will be borrowed, for any given quantity of savings. D. price at which the quantity of funds saved will be more than enough for those who want to borrow.
Economists might be willing to accept a policy that adversely affected distribution of income if it
a. lessened income disparities. b. diminished labor productivity by a large amount. c. increased productivity by a large amount. d. were favorable to the rich.
When all players in a game choose the best strategy they can, given the choices of all other players, it is always a:
A. Nash equilibrium. B. positive-positive outcome. C. negative-negative equilibrium. D. cooperative equilibrium.