In the Short Run, When Will Real and Nominal GDP

question 152

Multiple Choice

In the short run, when will real and nominal GDP both decrease?
 

• A) whenever aggregate demand decreases, but NOT always when aggregate supply decreases 
• B) whenever aggregate supply decreases, but NOT always when aggregate demand decreases 
• C) whenever aggregate demand decreases or aggregate supply decreases 
• D) whenever aggregate supply decreases along a constant aggregate demand curve

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Definitions:

Propertyless Wage Labor

Refers to the condition of workers who do not own any property and therefore sell their labor for wages to survive.

Juggernaut

A powerful, unstoppable force or entity that crushes whatever is in its path, often used metaphorically to describe social or technological trends.

Disembedding

The process by which social relations are lifted out of local contexts and restructured across indefinite spans of time and space.

Reflexivity

A concept in sociology and anthropology that involves the critical analysis of how one's own identity, values, or perspective influences research outcomes or interactions within a society.