In a Test of "Civic Literacy" Conducted in 2007,the Average

question 24

Multiple Choice

In a test of "civic literacy" conducted in 2007,the average college senior scored a grade of ________.

• A)A
• B)B
• C)C
• D)D
• E)F

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Definitions:

Phillips Curve

An economic concept that illustrates an inverse relationship between the rate of unemployment and the rate of inflation in an economy.

Oil Embargoes

A policy tool that involves restricting the sale of oil to certain countries as a measure of control or punishment.

Aggregate Demand

All-encompassing demand for goods and services in an economy, analyzed at one price level throughout an allotted time frame.

Aggregate Supply

The entirety of goods and services that economic entities intend to market within a particular period in an economic environment.