Within the aggregate demand/aggregate supply framework, the quantity produced and purchased in the goods and services market represents
a. nominal output or nominal GDP.
b. the interest rate.
c. real output or real GDP.
d. the consumer price index.
C
Economics
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A _______ demand curve has a price elasticity of demand that is perfectly inelastic
a. circular b. horizontal c. rectangular hyperbola d. vertical
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Which of the following is not a characteristic of most less-developed countries?
a. low per capita income b. political instability c. a high percentage of the population under the age of 15 d. inadequate infrastructure e. high productivity
Economics