Aggregate Demand Is the Relationship Between the Quantity of Real

question 391

Multiple Choice

Aggregate demand is the relationship between the quantity of real GDP demanded and the
)

• A) money wage rate
• B) price level
• C) real wage rate
• D) nominal GDP demanded

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and systems.

Production Possibilities Frontier

The production possibilities frontier (PPF) is a curve depicting all maximum output possibilities for two or more goods, given a set of inputs.

Opportunity Cost

The value of the next best alternative that is forgone as a result of making a particular choice.

Inputs

In economics, inputs are the resources used in the production of goods and services, such as labor, materials, and capital.