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What is the aggregate demand curve? What is the characteristic of its slope?
Nominal Exchange Rate
The price of one currency in terms of another, not adjusted for inflation differences between the countries.
Price Level
The price level represents the average of the current prices of goods and services in an economy, often measured by a price index.
Domestic Prices
The cost of goods and services within a country's borders, influenced by local demand, supply, taxes, and subsidies.
Real Exchange Rate
The ratio at which a country's currency can be traded for another country's currency, adjusted for inflation differences between the two countries.
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