The Figure Below Shows the Aggregate Demand and Supply Curves

question 4

Multiple Choice

The figure below shows the aggregate demand and supply curves for the U.S.The figure given below shows that from the beginning of period 1 to the end of period 2:

• A)real GDP decreased and then increased.
• B)real GDP increased and then decreased.
• C)real GDP fell from $10,000 to $6,000.
• D)real GDP rose from $6,000 to $10,000.
• E)the inflation rate fell from 4 percent to 1 percent.

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Definitions:

Cultural Changes

The dynamic shifts and transformations in the beliefs, practices, social norms, and values of a society over time.

Confidence interval

A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter, with a certain degree of confidence.

Population mean

The average value of a characteristic within an entire population.

Population standard deviation

A measure of the dispersion or variability within a total population.