In Our Macro Model,the Level of Aggregate Output Is Determined

question 24

Multiple Choice

In our macro model,the level of aggregate output is determined in the short run by ________ but in the long run by the level of ________.

• A)the output gap; factor productivity
• B)the AD curve; interest rates
• C)the AS curve; potential output
• D)the AD and AS curves; Y*
• E)the AD and AS curves; factor utilization

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Definitions:

Irregular

Not following usual rules, patterns, or processes; deviating from what is normal or expected.

Lien

A legal claim or right against a property as security for payment of a debt or obligation.

Statutory

Related to, or created by, statutes, which are laws enacted by a legislative body.

Mechanic's Lien

A legal claim against a property for unpaid work or supplies, giving workers and suppliers a form of security for their investment.