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Suppose the Economy Is in Long-Run Equilibrium

question 82

Multiple Choice

Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, what would we expect to happen?


Definitions:

Environment Protection

Efforts and policies aimed at preserving and restoring the natural environment from damage caused by human activities.

Common Law Rights

Rights or protections that are established and respected by court decisions rather than written statutes.

Environmental Protection Legislation

Laws and regulations designed to conserve the environment and reduce pollution and destruction of natural habitats.

Obligation on Innkeepers

Refers to the legal requirement for innkeepers to provide reasonable care for their guests' safety and their belongings.

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