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Which of the following best defines the term aggregate output? Select one: a. The conditions of the economic system in which an organization operates b. The total quantity and quality of goods and services that a country'citizens can purchase with the currency used in their economic system c. The total quantity of goods and services produced by an economic system during a given period d. The measure of economic growth that compares how much a system produces with the resources needed to produce it e. The pattern of short-term ups and downs in an economy

Question

Which of the following best defines the term aggregate output? Select one: a. The conditions of the economic system in which an organization operates b. The total quantity and quality of goods and services that a country'citizens can purchase with the currency used in their economic system c. The total quantity of goods and services produced by an economic system during a given period d. The measure of economic growth that compares how much a system produces with the resources needed to produce it e. The pattern of short-term ups and downs in an economy

Which of the following best defines the term aggregate output? Select one: a. The conditions of the economic system in which an organization operates b. The total quantity and quality of goods and services that a country'citizens can purchase with the currency used in their economic system c. The total quantity of goods and services produced by an economic system during a given period d. The measure of economic growth that compares how much a system produces with the resources needed to produce it e. The pattern of short-term ups and downs in an economy

Solution

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MyraProfessional · Tutor for 6 years

Answer

###c. The total quantity of goods and services produced by an economic system during a given period

Explain

##Step 1: Definition of Aggregate Output<br />###Aggregate output refers to the total quantity of goods and services produced within an economy (or by a firm) during a specific period. This is synonymous with total product or aggregate supply.<br />##Step 2: Analyzing the Options<br />###Option (c) aligns perfectly with the definition of aggregate output. Options (a), (b), (d), and (e) describe other economic concepts like the economic environment, purchasing power, productivity, and business cycles, respectively, but not aggregate output.<br /><br />#
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