An Increase in the GDP Price Level Will

question 118

Multiple Choice

An increase in the GDP price level will:

• A)decrease aggregate demand.
• B)increase the quantity of real domestic output demanded.
• C)increase aggregate demand.
• D)decrease the quantity of real domestic output demanded.

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Definitions:

Doctrine

A principle or body of principles presented for acceptance or belief by a religious, political, scientific, or philosophic group.

Quantum Meruit

“As much as he has earned.” A quasi-contractual remedy that permits a person to recover a reasonable price for services and/or materials requested, where no price is established when the request is made.

Specific Performance

A court order requiring a party to fulfill their obligations under a contract, rather than providing a financial compensation for failing to fulfill it.

Opera Singer

A performer, usually professionally trained, who specializes in singing classical music compositions in operas.