Aggregate Supply Is the Quantity Of

question 31

Multiple Choice

Aggregate supply is the quantity of:

• A) real output supplied at each level of inflation.
• B) nominal output supplied at each level of inflation.
• C) real output supplied at each level of real interest rate.
• D) output the country wants at each level of inflation.

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Definitions:

Import

The act of bringing goods or services into one country from another for the purpose of trade.

Trade Surplus

The difference between a nation's exports and imports when exports exceed imports.

Trade Deficit

A measure of international trade in which a country's imports exceed its exports.

Net Exports

A country's economic output's net impact from international trade, calculated as the difference between its total exports and total imports.