Using Figure 8

question 11

Multiple Choice

Using Figure 8.5,if the equilibrium real output is Q₂ then

• A)Aggregate demand must be AD₁.
• B)Aggregate demand could be either AD₁ or AD₂ depending on the level of aggregate supply.
• C)The equilibrium price level is P₂.
• D)Aggregate supply must be AS₁ and the equilibrium price level must be P₁.

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Definitions:

Bureau of Labor Statistics

A U.S. government agency responsible for collecting and analyzing labor economics and statistics.

Current Population Survey

A monthly survey of households conducted by the Bureau of Census for the Bureau of Labor Statistics to gather employment and unemployment data.

Adult Population

The segment of the population that is considered to be of working age and is often analyzed in economic studies for labor force and unemployment statistics.

Unemployed Category

A classification for individuals in the labor force who are without a job but are available for and seeking work.