Suppose the Economy Is in Long-Run Equilibrium

question 463

Multiple Choice

Suppose the economy is in long-run equilibrium. If there is a tax cut at the same time that major new sources of oil are discovered in the country, then in the short-run

• A)real GDP will rise and the price level might rise, fall, or stay the same.
• B)real GDP will fall and the price level might rise, fall, or stay the same.
• C)the price level will rise, and real GDP might rise, fall, or stay the same.
• D)the price level will fall, and real GDP might rise, fall, or stay the same.

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Definitions:

High Bus Backbone

A robust and high-capacity main communication line in a bus network architecture, ensuring efficient data transfer among multiple devices.

Twisted Wire Pair

A type of cable where two conductors are twisted together to reduce electromagnetic interference.

Bare Copper Wire

A type of electrical wire made of pure copper without any insulation or protective sheathing, commonly used for grounding purposes.

J1939 Data Bus

A communication protocol based on CAN (Controller Area Network) used for electronic control units (ECUs) primarily in heavy-duty vehicles.