Consider the AD/AS Macro Model

question 109

Multiple Choice

Consider the AD/AS macro model.An important asymmetry in the behaviour of aggregate supply is the

• A)changing slope of the aggregate demand curve.
• B)difference between actual and potential output.
• C)different relative sizes of inflationary versus recessionary gaps.
• D)economy's path of potential output as a result of labour force growth.
• E)different speeds at which factor prices adjust to positive and negative output gaps.

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Definitions:

Stanley Milgram

An American psychologist known for his research on obedience to authority figures, demonstrated in the Milgram experiment.

Structuralist

An approach in psychology that seeks to analyze the structure of the mind by breaking down mental processes into their simplest components.

Functionalist

Pertains to a school of thought in psychology that emphasizes the purpose and adaptive functions of human behavior.

Equal Status

A condition or situation in which all individuals or groups are given the same rights, opportunities, and respect without discrimination or bias.