Fill in the blanks to make the following statements correct. a. Our simple macro model in Chapters
Question:
Fill in the blanks to make the following statements correct.
a. Our simple macro model in Chapters 21 and 22 has made an important assumption that the price level is ___________ . We say that output, or national income, is _____________ determined.
b. The assumption that the price level ____________ is implies that firms are willing and able to produce any amount of output that is demanded without _____________ .
In this case, national income depends only on how much is ___________ . We are not yet considering
-side ___________ influences on national income.
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