In macroeconomics, the term \"total output\" of an economy is essentially a synonym for which of the following?

Introduction / Context:
This question comes from basic macroeconomic terminology. In simple models of the economy, concepts like aggregate demand, aggregate supply, and gross domestic product are closely related but not identical. The phrase \"total output\" refers to the total quantity of goods and services produced, and the question asks which standard macroeconomic term best matches this meaning.

Given Data / Assumptions:

• The phrase used is \"total output\" of the economy.
• The options include aggregate demand, gross domestic product, aggregate supply, equilibrium, and net national product.
• We must identify the concept that directly represents the total production side.

Concept / Approach:
Aggregate demand represents the total planned expenditure on domestically produced goods and services. Aggregate supply represents the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels. In equilibrium, aggregate demand equals aggregate supply, and at that point both are equal to the actual level of output, commonly measured by GDP. Among these, the theoretical concept that refers to total output offered for sale by producers is aggregate supply.

Step-by-Step Solution:
Step 1: Note that aggregate demand is about total spending or demand, not directly about production.Step 2: Gross domestic product is a measure of the monetary value of final output, but in macro models the term \"total output\" is more directly aligned with aggregate supply schedules.Step 3: Aggregate supply describes the relationship between the price level and the total output that firms are willing to produce.Step 4: Equilibrium is a condition where aggregate demand equals aggregate supply and is not itself a measure of output.Step 5: Therefore, the macroeconomic synonym for total output is aggregate supply.

Verification / Alternative Check:
In most textbook diagrams, total output is plotted on the horizontal axis, while the price level is on the vertical axis. The curve labelled \"AS\" shows how total output varies with the price level. This is the aggregate supply curve. Aggregate demand is plotted separately. When students talk about shifts in total output at full employment or long run potential, they discuss shifts in the aggregate supply curve, which supports the identification of aggregate supply with total output.

Why Other Options Are Wrong:
Aggregate demand measures total planned spending and includes consumption, investment, government expenditure, and net exports, not output directly. Gross domestic product is a numerical measure of output at a given time and can be equal to total output in equilibrium, but within the theory context, total output corresponds to the supply side. Equilibrium is just the point where demand and supply intersect, not a separate variable. Net national product adjusts national income for depreciation and is again an income measure, not the conceptual supply curve.

Common Pitfalls:
A common confusion is between GDP and aggregate supply, because in equilibrium they end up with the same numerical value. However, the question is phrased in terms of macroeconomic terminology used in models, where aggregate supply is the correct term for total output. Another pitfall is assuming that anything \"total\" must automatically be aggregate demand, but here the emphasis is clearly on production, not expenditure.

Final Answer:
In macroeconomic theory, the phrase \"total output\" of the economy is essentially a synonym for aggregate supply.