In the aggregate expenditures model, if aggregate expenditures (AE) are less than GDP, then:
a. inventory is depleted.
b. inventory is unchanged.
c. employment decreases.
d. employment increases.
c
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Labor productivity is $30 per hour and aggregate hours are 165 billion hours. What does real GDP equal?
What will be an ideal response?
Japan is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States. b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States. c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States. d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.