Changes in ________ Do Not Affect the Level of Aggregate

question 145

Multiple Choice

Changes in ________ do not affect the level of aggregate supply in the long run.

• A)technology
• B)the number of workers in the economy
• C)the price level
• D)the amount of accumulated capital equipment
• E)the availability of natural resources

Recognize the characteristics and values of America's dominant culture.

Distinguish between different norms and the varying seriousness of their associated social sanctions.

Analyze the influence of language on social inequality and the importance of language in culture.

Define and differentiate between folkways, mores, and taboos.

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Definitions:

Price Level

The econ-wide median price across the complete array of produced goods and services.

Potential Level

The potential level refers to the maximum output that an economy can produce without leading to inflation, considering all factors of production are fully utilized.

Autonomous Net Taxes

Taxes that are not influenced by economic activity levels, operating independently of the economy's output.

Expansionary Gap

A condition where an economy's actual gross domestic product is higher than its long-run potential, leading to upward pressure on prices.