Suppose the Economy Is Self-Regulating,the Price Level Is 120,the Quantity

question 52

Multiple Choice

Suppose the economy is self-regulating,the price level is 120,the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $5.7 trillion,and the quantity supplied of Real GDP in the long run is $5.2 trillion.Given all of this information,we can conclude that the economy ____________ in short run equilibrium,and that the price level in long run equilibrium will be _____________ than 120.

• A) is not; less
• B) is; greater
• C) is; less
• D) is not; greater

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Definitions:

Private Sector

The private sector encompasses all businesses and economic activities that are not owned or operated by the government, often driven by profit and private ownership.

Fact-Finding

An investigative process used in disputes, particularly in labor relations, to gather all pertinent information before making a decision or recommendation.

NLRB

The National Labor Relations Board, a federal agency overseeing the enforcement of labor laws and workers' rights in the United States.

Disputing Parties

Individuals, groups, or organizations involved in a conflict or disagreement, seeking to resolve their differences through negotiation or legal action.