Aggregate demand is the total quantity of output
A. Demanded at alternative price levels in a given time period.
B. Consumers actually buy.
C. Producers are willing and able to supply at alternative price levels.
D. Demanded if the economy is in equilibrium.
Answer: A
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What will be an ideal response?
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges a single entry price to each consumer, what is the profit-maximizing number of entries per consumer?
A) 10 B) 25 C) 20 D) 50
Deciding how a society's products are distributed among its citizens answers the economic question of:
A. "who consumes the products produced?" B. "what products will be produced?" C. "where will the products be consumed?" D. "how will the products be produced?"
The market price of existing bonds is ________ to the rate of interest prevailing in the economy.
A. totally unrelated B. inversely related C. directly related D. synonymous