After a massive promotional campaign of Justin Bieber's latest music album, the producers decided to raise the prices on the album. This implies that the producers expect the promotion to have made the demand for the album

Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents the total monetary value of all goods and services?

A) Arrow A B) Arrow B C) Arrow C D) Arrow D

Substitution effects help explain the slope of the aggregate demand curve. One substitution effect refers to the

A) inverse relationship between the interest rate and the price level. B) direct relationship between the interest rate and the real value of wealth. C) effect on investment expenditures that result from a change in interest rates produced by a change in the price level. D) change in wealth that results from a change in the interest rate.