If Real GDP Is Less Than Potential GDP, Then the Money

question 287

Multiple Choice

If real GDP is less than potential GDP, then the money wage rate ________, aggregate supply ________ so that the price level ________.

• A)rises; decreases; rises
• B)falls; increases; falls
• C)rises; increases; falls
• D)falls; decreases; rises
• E)does not change; increases; falls

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Definitions:

Reconstruction Act

1867 law that established temporary military governments in ten Confederate states—excepting Tennessee—and required that the states ratify the Fourteenth Amendment and permit freedmen to vote.

Black Men's Voting

Pertains to the historical and contemporary issues surrounding African American men's right to vote, including barriers to voter registration, disenfranchisement, and the impact of legislation meant to protect or restrict this right.

Former Confederacy

Refers to the 11 Southern states that seceded from the Union and fought against the United States during the Civil War, from 1861 to 1865.

Black Codes

Laws passed in the United States, particularly in the Southern states after the Civil War, aimed at restricting African Americans' freedoms and compelling them to work in a labor economy based on low wages or debt.