The Variables on the Vertical and Horizontal Axes of the Aggregate

question 28

Multiple Choice

The variables on the vertical and horizontal axes of the aggregate demand and supply graph are

• A)the price level and real output.
• B)real output and employment.
• C)employment and the inflation rate.
• D)the value of money and the price level.

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Definitions:

Economic Power

The ability of a country, corporation, or group to influence economic events, conditions, and policies at a local, national, or international level.

Large Corporations

Companies that operate on a grand scale in terms of revenue, employees, or market share, and usually have a wide geographical presence.

National Labor Relations Act

The National Labor Relations Act (NLRA) is a foundational statute of US labor law that guarantees workers the right to form unions and engage in collective bargaining.

Labor Unions

Organizations formed by workers to collectively negotiate with employers for better wages, working conditions, and benefits.