What Are the Variables on the Vertical and Horizontal Axes

question 141

Multiple Choice

What are the variables on the vertical and horizontal axes of the aggregate supply and demand curve?

• A) the price level and real output
• B) real output and employment
• C) unemployment and the inflation rate
• D) inflation rate and the price level

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Definitions:

Standard Oil Trust

An American oil-producing, transporting, refining, and marketing company established by John D. Rockefeller and partners in the late 19th century, noted for its historical monopoly and eventual breakup.

Supreme Court

The highest judicial court in a country or state, which typically has the ultimate authority over all other courts.

Multinational Corporation

A corporation doing business in more than one country; often it owns production facilities in at least one country and sells in many countries.

Standard Oil Trust

A conglomerate of interconnected oil companies controlled by John D. Rockefeller in the late 19th and early 20th centuries, known for its monopolistic practices.