Suppose the Economy Is Initially in Long-Run Equilibrium

question 147

Multiple Choice

Suppose the economy is initially in long-run equilibrium. Which of the following events leads to an increase in the price level and a decrease in real GDP in the short run?

• A) A decrease in health insurance premiums paid by firms raises the cost of employing labor
• B) An increase in government transfer payments
• C) An increase in the cost of a key input such as oil
• D) A sharp fall in stock market prices

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Definitions:

White Supremacists

Individuals or groups who believe that white people are superior to those of other races and should have control over others.

Deindividuation

Deindividuation is a psychological state characterized by lowered self-awareness and decreased social identity, often leading to disinhibited and impulsive behavior, typically within group settings.

Self-Restraint

The ability to control one’s impulses, emotions, or desires, especially in difficult situations.

Self-Awareness

The conscious knowledge of one's own character, feelings, motives, and desires, essential for personal development.