Multiple Choice
The simple macro model that is considered in Chapters 21 and 22 of the textbook is characterized by
A) a given (constant) price level, and equilibrium national income determined by demand and supply.
B) an endogenous price level, and national income that is solely demand determined.
C) a given (constant) price level, and national income that is solely demand determined.
D) an endogenous price level, and equilibrium national income determined by demand and supply.
E) an open economy with an endogenous exchange rate.
Correct Answer:
Verified
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