In the Early Twenty-First Century, the United States Has Had

question 233

Multiple Choice

In the early twenty-first century, the United States has had a current account:

• A) surplus.
• B) deficit.
• C) balance equal to zero.
• D) deficit and a capital account deficit.

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Definitions:

Aggregate Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in an economy.

Aggregate Demand Curve

A graph showing the relationship between the total quantity of goods and services demanded across all sectors of an economy and the price level, all else being equal.

Long-Run Aggregate Supply Curve

A graphical representation that shows the relationship between the overall price level and the quantity of goods and services produced by an economy when all resources are fully employed.

Cyclical Unemployment

The variation in unemployment caused by the ups and downs of economic cycles, including recessions and expansions.