The curve that shows alternative combinations of the price level and real income that result in equilibrium in both the real goods and the money markets is called the:
A) aggregate demand curve.
B) short-run aggregate supply curve.
C) long-run aggregate supply curve.
D) none of the above.
A
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When comparing market and public sector decision making, which statement is NOT true?
A) Self-interest is the motivating force in each decision making arena. B) In both decision making sectors, majority rule is how things are done. C) In both decision making sectors, there are scarcity constraints. D) Collective (political) outcomes and economic outcomes may differ.
An increase in the exchange rate value of the U.S. dollar, relative to the Japanese yen, will cause U.S. imports from Japan to
a. increase and exports to Japan to decrease. b. increase and exports to Japan to increase. c. decrease and exports to Japan to decrease. d. decrease and exports to Japan to increase.