A(n)____________________ Is Similar in Construction to a Builder's Level, but Has

question 9

Essay

A(n)____________________ is similar in construction to a builder's level, but has a telescope mounted on a horizontal pivot so that it can be rotated vertically to measure vertical angles.

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Definitions:

Macroeconomic Equilibrium

A state in which aggregate supply equals aggregate demand, meaning the economy is at a balance between the total quantity of goods supplied and the total quantity of goods demanded.

Output Demanded

Refers to the quantity of goods or services that consumers and other economic agents are willing to buy at a given price.

Output Supplied

Refers to the quantity of goods or services that producers are willing and able to sell at a given price level within a specified period.

Aggregate Demand

Complete economic consumption desires for all goods and services, measured at a particular total price level within a predetermined timeframe.