In the macroeconomic model of aggregate supply and aggregate demand, quantity is:
A) represented by GDP.
B) the measure of the value of all goods and services produced by the economy.
C) a measure of total output.
D) All of these are true.

Question

Quizplus · Accepted Answer

In the macroeconomic model of aggregate supply and aggregate demand, quantity refers to the total output of goods and services, which is measured by GDP (choice A) as it represents the value of all goods and services produced by the economy (choice B). Therefore, choice D is the correct answer as all of these are true.

In the Macroeconomic Model of Aggregate Supply and Aggregate Demand