Refer to the above figure. If the relevant aggregate demand curve is AD1, then the economy is experiencing

In national income accounting, a "final good" is

A) a finished product. B) something purchased with the goal of further resale. C) something purchased by an ultimate user in the household, business, or government sector. D) something that is impossible to determine.

The substitution effect of a price change for product X is the change in consumption of X associated with a change in

A) the price of X, with the level of utility held constant. B) the price of X, with the level of real income not considered. C) the price of X, with the prices of other goods changing by the same percentage as that for product X. D) income, with prices of other goods held constant.