Aggregate demand is defined as_________________?
Correct answer: C. the total demand in a society or on a world level for goods and services
- A. one person's demand for goods and services
- B. the lack of demand for goods and services
- C. the total demand in a society or on a world level for goods and services
- D. none of the above
Explanation
Aggregate demand means total planned spending on goods and services in an economy, usually represented by consumption, investment, government spending, and net exports. Thus it concerns the whole economy rather than one person's demand.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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