Aggregate supply is the total amount ?
Correct answer: D. of goods and services produced in an economy.
- A. of products produced by a given industry.
- B. produced by the government
- C. of labour supplied by all households
- D. of goods and services produced in an economy.
Explanation
Aggregate supply is the total quantity of final goods and services that producers in an economy are willing and able to supply at different price levels. It covers the whole economy, not one industry or only government output.
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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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