The market-demand curve for a product in a perfectly competitive market:

When deciding whether the economy has entered an economic recession, the NBER's Business Cycle Dating Committee examines and compares the behavior of various measures of broad activity

The measures the committee focuses on include all of the following except A) real GDP measured on the product and income sides. B) production data for specific, individual industries. C) economy-wide employment. D) real income.

Fiscal policy is likely to fail to correct stagflation in an economy because: a. it affects both aggregate demand and supply, although only aggregate supply needs to be changed

b. it affects both the aggregate demand and supply, although only aggregate demand needs to be changed. c. it affects aggregate demand only, although aggregate supply needs to changed. d. it affects aggregate supply only, although only aggregate demand needs to be changed. e. it affects either aggregate demand or aggregate supply, although both need to be changed simultaneously.