Figure 11.2 -Refer to Figure 11.2..Assume the Economy Is in Equilibrium at Is

question 10

Multiple Choice

Figure 11.2

-Refer to Figure 11.2..Assume the economy is in equilibrium at Ȳ₁,where real GDP equals potential GDP,and then the economy experiences a negative demand shock.Other things equal,the negative demand shock is best represented by a(n)

• A) movement up along the Phillips curve.
• B) movement down along the Phillips curve.
• C) upward shift of the Phillips curve.
• D) downward shift of the Phillips curve.

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Definitions:

Work Streamlining

The process of optimizing workflow and processes in a working environment to improve efficiency and reduce unnecessary steps or resources.

Eliminate Tasks

The process of removing or reducing unnecessary or unproductive tasks to improve efficiency.

Increasing Revenue

The process of growing the amount of money generated from a business's operations, typically by enhancing sales, expanding markets, or improving pricing strategies.

Decreasing Costs

The process of reducing expenses and outlays in a business in order to improve profitability and efficiency.