The Labels for the Axes of the Aggregate Demand Graph

question 14

Multiple Choice

The labels for the axes of the aggregate demand graph should be

• A) quantity of a product on the vertical axis and the price of a product on the horizontal axis.
• B) price of a product on the vertical axis and quantity of a product on the horizontal axis.
• C) real domestic output on the vertical axis and the price level on the horizontal axis.
• D) real domestic output on the horizontal axis and the price level on the vertical axis.

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Definitions:

Existential Import

In logic, the implication that a statement has regarding the existence of the subjects it mentions.

Referents

The actual objects, actions, or concepts that words or symbols represent or signify.

Subcontrary

In traditional logic, a relationship between two statements where both can be true but both cannot be false.

Space Cowboy

A colloquial, imaginative term often used to describe someone who explores or navigates the domain of outer space in a freewheeling, adventurous manner, popularized by science fiction and music.