Question

when looking at a graph of aggregate demand, which of the following is correct? a. there are nominal variables on both the vertical and the horizontal axes. b. there are real variables on both the vertical and horizontal axes. c. the variable on the vertical axis is nominal; the variable on the horizontal axis is real. d. the variable on the vertical axis is real; the variable on the horizontal axis is nominal.

Answer 1

The total quantity of demand for all finished products and services generated in an economy is measured as aggregate demand.  Hence option C is correct.

What is aggregate demand ?

The total amount of money spent on those goods and services at a particular price level and time is known as aggregate demand.

A macroeconomic concept known as "aggregate demand" refers to the total demand for products and services during a specific time period at any given price level.

Since the two indicators are calculated in the same way, aggregate demand is equal to GDP over the long run. Aggregate demand is the desire or demand for those products, whereas GDP is the total amount of goods and services produced in an economy.

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