Which of the following is a TRUE statement?

Question

BlackTom AI · Accepted Answer

We start by restating what the prompt is asking: Which of the following is a TRUE statement?

Option presented: A. The average price of goods and services in an economy is called the aggregate price level.

First, consider the accuracy of this statement. The term 'aggregate price level' is a macroeconomic concept that refers to a general, overall level of prices across the economy, typically captured by measures such as the GDP deflator, the Consumer Price Index (CPI), or the Personal Consumption Expenditures (PCE) price index. These indices are designed to summarize the price changes of a broad basket of goods and services and thus reflect the 'average' price level in the economy. Therefore, describing the aggregate price level as the average price of goods and services in the economy aligns with standard economic definitions, making this statement true in a broad sense.

Now, what about the other possible statements? In this item, there are no additional options provided to compare against, so we cannot evaluate other alternatives or identify any contradictory statements. The absence of other options means we cannot test for precision or scope differences (for example, whether 'average price' could be interpreted exactly vs. approximately across different baskets or measurement methods, or whether the aggregate price level is distinct from specific price indices). This limitation means our evaluation is restricted to the single option given.

To summarize the reasoning for the provided option: the aggregate price level is indeed the broad, economy-wide average of prices, as captured by widely used macroeconomic price indices, which supports the statement as true in the conventional sense. The lack of additional options prevents a fuller comparison or a check against alternative formulations that might render this statement more or less precise.

Which of the following is a TRUE statement?

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