The Amount of Goods Available for Sale During the Year

question 100

Multiple Choice

The amount of goods available for sale during the year depends on the amounts of

• A) beginning merchandise inventory,net cost of purchases,and ending merchandise inventory.
• B) beginning merchandise inventory and cost of goods sold.
• C) beginning merchandise inventory,cost of goods sold,and ending merchandise inventory.
• D) beginning merchandise inventory and net cost of purchases.

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Definitions:

Aggregate Demand Curve

A graph showing the relationship between the total demand for goods and services and the overall price level in the economy, all else being equal.

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate reflection of an economy’s size and growth rate.

Aggregate Supply Curve

A graphical representation showing the relationship between the overall price level in an economy and the total output produced by that economy at various price levels.

Price Index

A number that shows the average price of products; changes in a price index over time show changes in the economy’s average price level.