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Suppose the Economy Is Initially in a Long-Run Macroeconomic Equilibrium

question 8

Multiple Choice

Suppose the economy is initially in a long-run macroeconomic equilibrium.A shock then hits the economy and we observe that the unemployment rate increases and the price level increases.We can conclude that ________ has decreased and there is now a(n) ________ gap.

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Definitions:

Moles

A unit of measurement used in chemistry to express amounts of a chemical substance, defined as the amount of any substance that contains as many elementary entities as there are atoms in 12 grams of pure carbon-12.

Line Angle Drawing

A simplified structural formula used in organic chemistry, where lines represent bonds between carbon atoms, and carbon and hydrogen atoms are often not shown for simplicity.

Projection

A method or technique for displaying the properties of something, often used in the context of displaying three-dimensional images on a two-dimensional surface or schematically representing molecules in chemistry.

Conformers

Different spatial arrangements of a molecule that result from the rotation around single bonds.

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