-The Table Above Gives the Aggregate Demand and Aggregate Supply

question 368

Multiple Choice

$$\begin{array}{l}\text { Real GDP supplied }\\\begin{array} { | l | l | l | l | } \hline \text { Price level } & \begin{array} { l } \text { Real GDP } \\\text { demanded } \\\text { (dollars) }\end{array} & \begin{array} { l } \text { Short run } \\\text { (dollars) }\end{array} & \begin{array} { l } \text { Long run } \\\text { (dollars) }\end{array} \\\hline 90 & 700 & 300 & 600 \\\hline 100 & 600 & 400 & 600 \\\hline 110 & 500 & 500 & 600 \\\hline 120 & 400 & 600 & 600 \\\hline\end{array}\end{array}$$
-The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. Lotus Land is in short-run macroeconomic equilibrium. In the long run, if aggregate demand does not change then Lotus Land will return to full-employment as____________ .

• A) businesses cut their imports
• B) the money wage rate falls
• C) the government cuts taxes
• D) the money wage rate rises

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Definitions:

ANOVA

Short for Analysis of Variance, a statistical method used to compare the means of three or more samples to see if at least one is significantly different.

Goose Decoys

Artificial representations of geese used by hunters to attract real geese into shooting range.

Attracting Geese

Techniques or strategies used to draw geese to a specific location, often for hunting or birdwatching purposes.

ANOVA

Variance Analysis, a statistical technique employed to evaluate the differences among two or more group means.