Author Question: The total of all planned production for the entire economy is known as A) aggregate inflation. B) ... (Read 86 times)

mynx · **on:** Jun 30, 2018

The total of all planned production for the entire economy is known as

A) aggregate inflation. B) aggregate supply.
C) aggregate expenditures. D) aggregate demand.

Question 2

Which of the following is a TRUE statement concerning economic growth?

A) Changes in per capita nominal GDP are used to measure economic growth, but there are serious problems concerning the desirability of using figures that do not account for pollution and urban sprawl.
B) Changes in per capita real GDP are used to measure economic growth because inflation and population growth can distort nominal GDP figures or total GDP figures.
C) Changes in per capita nominal GDP are used to measure economic growth because population growth can distort the figures and we want to use the nominal amounts since that is what people identify with.
D) Changes in per capita real GDP are used to measure economic growth because this accurately measures all the differences in living standards across countries.