Consider the Nature of Macroeconomic Equilibrium

question 107

Multiple Choice

Consider the nature of macroeconomic equilibrium. If, at a particular price level, the total output demanded is greater than that supplied by producers, then

• A)the price level will decline toward its equilibrium value.
• B)the aggregate supply curve will shift to the left, re- establishing equilibrium.
• C)the price level will rise toward its equilibrium value.
• D)the aggregate demand curve will shift to the left, re- establishing an equilibrium.
• E)the aggregate supply curve will shift to the right, re- establishing an equilibrium.

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Definitions:

Whiteness

A socially constructed category of race that establishes and maintains social privilege and norms centered around white people and culture.

Privilege

An advantage, right, or benefit that is given to some people and not to others, often based on aspects of identity such as race, class, gender, or sexuality.

Self-conscious Domination

A condition or system where the ruling group or class is aware of and deliberately maintains its dominant position.

Racial Identity

An individual's identification with a particular racial group, shaped by social, cultural, and historical factors.