An increase in the purchasing power of money would not, on average, result in an increase in the purchasing power of people's income because a ________ price level would likely mean ________ wages and salaries

Whenever income is less than expenditure for a period of time, a nation will experience:

A) a deficit in its current account B) A surplus in its current account C) A fall in GDP D) None of the above

In the income-expenditure model, for each price level there is a different equilibrium output level. If we plot one such equilibrium output and price combination, we obtain

A) a point on the aggregate demand curve. B) the slope of the planned expenditures line. C) the slope of the entire aggregate demand curve. D) the aggregate demand curve.