For Movements Along the Long-Run Aggregate Supply Curve

question 415

Multiple Choice

For movements along the long-run aggregate supply curve

• A) the price level changes while the money wage rate remains constant.
• B) the prices of goods and services change while the prices of productive resources remains constant.
• C) the price level and the money wage rate change by the same percentage.
• D) the price level and the real wage rate change by the same percentage.

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Definitions:

Global Economy

The international network of economic activities, markets, and trade relationships between countries.

Economic Interdependence

The mutual reliance between two or more economies on each other for resources, technology, trade, or investment.

Regional Economic Blocks

Groups of countries located in the same geographic area that form alliances to facilitate economic trade, promote economic growth, and coordinate regulatory policies.

Reshoring

The practice of bringing manufacturing and production back to the company's original country from overseas.