If the Aggregate Supply Curve Is Upward Sloping,an Increase in Aggregate

question 191

Multiple Choice

If the aggregate supply curve is upward sloping,an increase in aggregate demand will

• A)increase real GDP at a constant level of prices.
• B)reduce real GDP but increase the price level.
• C)increase real GDP but reduce the price level.
• D)reduce both real GDP and the price level.
• E)increase both real GDP and the price level.

Understand the role and impact of consumers' preferences in a market economy.

Comprehend the economic functions of profits and losses and their impact on resource allocation.

Recognize the significance of competition and innovation in a market system.

Grasp the Five Fundamental Questions of economics within a market system.

---

Definitions:

Common Law

A collection of law not codified but derived from court decisions and judicial rulings.

Legal Entity

An organization or structure that holds legal rights and obligations, distinct from its members or owners, such as a corporation, partnership, or trust.

Partnership Capital

The total monetary value contributed by all partners in a partnership for starting or maintaining the business operations.

Withdraw

The act of removing oneself from participation or consideration in a particular activity, agreement, or engagement.