Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced.
B. an unattainable production point.
C. what society wants.
D. the economy's optimal production point.
Answer: A
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The relationship between the price level and the real Gross Domestic Product (GDP) without full adjustment or full information is represented by
A) the distance between the long-run aggregate supply curve and the short-run aggregate supply curve. B) the short-run aggregate supply curve. C) the long-run aggregate supply curve. D) the aggregate demand curve.
________ choose(s) the quantities of goods and services to produce, while ________ choose(s) the quantities of goods and services to buy
A) Firms; only households B) Households; the government C) Households; firms D) Firms; households and the government E) The government; firms