Given the slope of the aggregate demand curve, real GDP demanded will decrease when
a. real income rises.
b. real income falls.
c. the price level falls.
d. the price level rises.
d
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Answer the following questions true (T) or false (F)
1. The total cost schedule shows the relationship between different amounts of inputs and the resulting level of output. 2. If, after hiring the 6th worker, a firm's output falls, then the marginal product of the 6th worker is negative. 3. A downward sloping marginal product of labor curve demonstrates the law of diminishing marginal returns.
In the United States, the money supply (M1) consists of:
A. paper currency and coins. B. coins, paper currency, checkable deposits, and traveler's checks. C. paper currency, coins, checkable deposits, and savings deposits. D. government bonds, currency, checkable deposits, and traveler's checks.