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Which of the following statements characterizes an output level of $400 billion?

Which of the following statements characterizes an output level of $400 billion? It is attainable in the short run but it is associated with decreases in the price level.

Which of the following statements characterizes an output level of $800 billion?

Which of the following statements characterizes an output level of $800 billion? It is attainable in the short run but it is associated with increases in the price level.

How might the Fed move the economy from one point on this curve to another?

The Fed can move from one point on this curve to another by changing the money supply. An increase in the money supply reduces the unemployment rate and increases the inflation rate, while a decrease in the money supply increases the unemployment rate and decreases the inflation rate.

What is the total demand for goods and services in an entire economy called?

Aggregate demand is a measurement of the total amount of demand for all finished goods and services produced in an economy. Aggregate demand is expressed as the total amount of money exchanged for those goods and services at a specific price level and point in time.