Real GDP Supplied -The Table Above Gives the Aggregate Demand and Aggregate Supply

question 89

Multiple Choice

Real GDP supplied

-The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. The short-run macroeconomic equilibrium is a price level of ________ and a real GDP of ________.

• A) 90; $400
• B) 100; $400
• C) 110; $500
• D) 120; $400

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Definitions:

Good Title

A legal term indicating that a property title is valid and free of any liens or other encumbrances that might hinder its sale or use.

Fair Market Value

The price at which property would sell on the open market between a willing buyer and a willing seller, each having reasonable knowledge of the relevant facts.

Recourse

Recourse refers to the legal right to demand compensation or payment from an individual or entity responsible for a loss, debt, or other obligation.

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.