If an Increase in Aggregate Expenditures Results in No Increase

question 17

Multiple Choice

If an increase in aggregate expenditures results in no increase in real GDP we can conclude that the:

• A)economy is in a deep recession.
• B)MPC equals 1.
• C)economy is already operating at full employment.
• D)price level has fallen.

Recognize the signs and symptoms of glaucoma and understand its types.

Understand the impact and management of age-related macular degeneration.

Identify various eye and ear medical devices and their uses.

Describe the visual and auditory changes that can occur with aging.

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Definitions:

Positive Economics

The branch of economics that concerns itself with describing and explaining economic phenomena as they are, not as they should be.

Normative Economics

An area of economics that analyzes outcomes based on value judgments about what is desirable or what ought to be, rather than what merely is.

Supply and Demand

Fundamental economic concepts that describe how the availability of products (supply) and the desire for them (demand) determine prices.

Scarce

Describes resources or goods that are limited in availability and cannot satisfy all the wants and needs of consumers.