On the First Day of Class at a New University

question 39

Multiple Choice

On the first day of class at a new university you made judgments about the quality of the class before the professor had entered the room. You noted the comfort of the accommodations, the fine works of art in the halls and on the classroom wall and the soothing music piped in over the sound system. This dimension of quality is:

• A)aesthetics.
• B)performance.
• C)features.
• D)perceived quality.

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Definitions:

Cyclical

Pertaining to fluctuations in economic activity occurring due to the natural business cycle, including expansions, peaks, recessions, and troughs.

Structural

Relating to the underlying or fundamental aspects of something, especially with regard to economic sectors or market changes.

Aggregate Supply Curve

A graphical representation showing the total quantity of goods and services that producers are willing and able to supply at different price levels in an economy.

Supply Shocks

Unexpected events that affect aggregate supply, sometimes only temporarily.