The total demand for goods and services in an economy is known as_____________?
Correct answer: D. aggregate demand
- A. gross national product.
- B. national demand.
- C. economy-wide demand
- D. aggregate demand
Explanation
Aggregate demand is the total planned demand for final goods and services in an economy at different price levels. Gross national product measures output or income, not total 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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