Suppose the Economy Is at Full Employment, and Energy Prices

question 50

Multiple Choice

Suppose the economy is at full employment, and energy prices spike. In the short run, output will _____; in the long run, output will _____.

• A) decrease; remain unchanged
• B) decrease; increase
• C) remain unchanged; decrease
• D) remain unchanged; increase

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Definitions:

Class Inequality

The disparities in access to resources, opportunities, and rights among different social classes within a society.

Cultural Evolution

Refers to the process by which societies and cultures change over time, adapting to their environments and internal dynamics.

Types of Societies

Classification of societies based on their technological development, social structure, and cultural practices, such as hunter-gatherer, agrarian, industrial, and post-industrial.

Genetically Engineered World

A genetically engineered world refers to a hypothetical or fictional scenario where most aspects of the environment, including organisms and possibly humans, are modified through genetic engineering for specific purposes.