Which of the following best defines the term aggregate output?
A) the conditions of the economic system in which an organization operates
B) the total quantity and quality of goods and services that country's citizens can purchase with the currency used in their economic system
C) the pattern of short-term ups and downs in an economy
D) the total quantity of goods and services produced by an economic system during a given period

Question

Quizplus · Accepted Answer

Aggregate output refers to the total quantity of goods and services produced by an economic system during a given period. It is also referred to as gross output or gross domestic product (GDP). Option A refers to the business environment, option B refers to purchasing power, and option C refers to economic fluctuations.

Which of the Following Best Defines the Term Aggregate Output