Refer to the fiGures

question 242

Multiple Choice

Refer to the figures. In terms of representing the economy,

• A) neither Figure A nor Figure B consistently represents either the very short run or the longer run.
• B) demand shocks affect levels of output and employment in Figure A; demand shocks have no effect in Figure B.
• C) Figure A represents the very short run, where output is fixed, and Figure B represents the longer run.
• D) Figure B represents the very short run, where prices are sticky, and Figure A represents the longer run.

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Definitions:

Medicare

A federal program in the United States that provides health insurance to people over the age of 65, as well as to younger individuals with certain disabilities.

Medicaid

A joint federal and state program in the USA that helps with medical costs for some people with limited income and resources.

Criminal Law

The branch of law that deals with crimes and their prosecution.

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, as well as for some younger individuals with disabilities.