Figure 33-4 -Refer to Figure 33-4. the Short-Run Equilibrium Is Defined by Is

question 177

Multiple Choice

Figure 33-4
-Refer to Figure 33-4. The short-run equilibrium is defined by the given AD and SRAS curves. Which of the long-run aggregate-supply curves is consistent with the economy being in an expansion?

• A)LRAS₃
• B)LRAS₂
• C)LRAS₁
• D)Both LRAS₃ and LRAS₁

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Definitions:

Cultural Relativism

The principle of understanding other cultures on their own terms, rather than judging or evaluating according to one’s own culture.

Gestures

Movements of the body, especially hands and head, used to express feelings or convey information.

Sociological Term

A concept or phrase used within the field of sociology to define and explain behaviors, structures, and phenomena within human societies.

Sapir-Whorf Hypothesis

The idea that language structures thought and that ways of looking at the world are embedded in language.