Figure 7-7 
-Refer to Figure 7-7. Suppose the economy is initially in short-run equilibrium at point K. If the policy-makers adopt a nonintervention policy, over time,
I. real wages will fall as long as unemployment remains above the natural rate.
II. lower nominal wages will result in a gradual shift from SRAS2 to SRAS1.
III. long-run equilibrium will be established at YP and Ph.
Definitions:
Elite Democrats
A term that typically refers to members of the Democratic Party in the United States who have significant influence, power, or wealth within the party and broader political landscape.
Popular Democrats
Democratic Party individuals or factions significantly favored by the public due to their policies, charisma, or achievements.
Progressive Reformers
Individuals and groups in the late 19th and early 20th centuries who sought to improve society through political and social reforms addressing issues like corruption, healthcare, and workers' rights.
Scientific Administration
A theory of management that analyzes and synthesizes workflows to improve economic efficiency, especially labor productivity.
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