The Level of Aggregate Output Is Determined in the Short

question 51

Multiple Choice

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

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Definitions:

Impact

The effect or influence of one thing on another, often used to describe significant or powerful effects.

Attitudes Towards Progress

Refers to the varied perspectives and opinions individuals or societies hold about the nature and direction of societal, technological, or economic development.

American Society

The collective social behaviors, cultural norms, and societal structures that define the United States.

Gradualists

Individuals or groups advocating for slow or incremental changes rather than sudden and radical shifts, often in the context of social or political reforms.