Suppose That the Economy Is in Long-Run Equilibrium,and People in Other

question 30

Essay

Suppose that the economy is in long-run equilibrium,and people in other countries suddenly decide to purchase fewer US goods.Explain the short-run effects on the US economy under both fixed and flexible exchange rates.

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Definitions:

Response Rate

The proportion of individuals who respond to a survey, questionnaire, or research study out of the total number asked to participate.

Generalizing Results

The practice of extending the findings from a research study to a larger population beyond the sample studied.

Biases

Systematic errors or deviations from true values or states due to subjective preferences or beliefs affecting data collection or interpretation.

Convenience Samples

Non-random samples chosen based on availability or ease of access, which may not be representative of the entire population.