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question 38

Multiple Choice

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Definitions:

Aggregate Demand Curve

The Aggregate Demand Curve represents the total quantity of all goods and services demanded by the economy at different price levels.

Equilibrium Real National Output

The level of output where aggregate supply equals aggregate demand in an economy, adjusted for inflation.

Inventories

Goods that have been produced but remain unsold.

Production

The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).