The total of all planned production for the economy is
A. aggregate supply.
B. equal to the total value of unplanned production.
C. endowments.
D. aggregate demand.
Answer: A
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Federal Reserve Chairman Volcker's policy to fight inflation
A) led to the 1981-1983 recession, but was ultimately successful. B) led to the 1981-1983 recession, but did not end high inflation due to beggar-thy-neighbor effects. C) was perfectly complemented by Reagan's decrease in fiscal spending. D) led to the 1981-1983 recession and foretold the economic downturn in the mid-1990s. E) led to an immediate depreciation of the dollar.
The monopolistic competition market structure is characterized by:
A. few firms and similar products. B. many firms and differentiated products. C. many firms and a homogeneous product. D. few firms and a homogeneous product.