-Refer to Exhibit 8-3

question 54

Multiple Choice

-Refer to Exhibit 8-3.A shift in aggregate demand from AD₂ to AD₁ could have been the result of

• A) a decrease in the price level.
• B) an increase in the price level.
• C) businesses become more optimistic about future sales.
• D) businesses become more pessimistic about future sales.

---

Definitions:

Observations

Data points or values that are collected or measured in a study or experiment.

First Quartile

The measure below which a quarter of the data points in a set lie, commonly referred to as the 25th percentile.

Ages of Retirees

Refers to the distribution or specific ages at which individuals retire from active employment.

Coefficient of Correlation

A measure that quantifies the degree to which two variables' movements are associated, ranging from -1 to 1, where values close to 1 or -1 indicate strong association.