In macroeconomic models, Y typically represents
A)aggregate wealth.
B)the money supply.
C)gross domestic product (GDP).
D)the income velocity of money.

Question

Quizplus · Accepted Answer

In macroeconomic models, Y typically represents gross domestic product (GDP), which is the total value of goods and services produced in a country during a certain period of time. It is a measure of the size and health of an economy. Aggregate wealth (A) and the money supply (B) are not typically represented by Y in macroeconomic models, and the income velocity of money (D) is a separate concept related to how quickly money is circulating through the economy.

In Macroeconomic Models, Y Typically Represents