Exhibit 20A-2 Macro AD/AS Models

question 8

Multiple Choice

Exhibit 20A-2 Macro AD/AS Models

As shown in Panel (b) of Exhibit 20A-2, assume the economy adopts a classical nonintervention policy. Which of the following would cause the economy to self-correct?

• A) Competition among firms for workers increases the nominal wage and SRAS shifts rightward.
• B) Long-run equilibrium will be established at Y ₁ and P ₂ .
• C) Long-run equilibrium will be established at Y _p and P ₃ .
• D) Competition among unemployed workers decreases nominal wages and SRAS shifts rightward.

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Definitions:

Trial Balance

A financial report that lists the balances of all ledgers in an account to check the mathematical accuracy of bookkeeping entries.

Cash Salary

Compensation for services rendered by an employee or contractor that is paid in the form of immediately available funds rather than non-cash benefits.

Accounts Receivable

Funds owed to a company by customers who have purchased goods or services on credit.

Office Supplies

Items used in offices on a regular basis for the purpose of carrying out tasks; includes items like pens, paper, and staplers.