Prior to 1860,perhaps the Most Significant Invention for Middle-Class American

question 74

Multiple Choice

Prior to 1860,perhaps the most significant invention for middle-class American homes was the

• A) electric iron.
• B) telegraph.
• C) cast-iron stove.
• D) icebox.
• E) air conditioner.

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Definitions:

Short-Run Aggregate Supply

Represents the total supply of goods and services that firms in an economy plan on selling during a short-term period, given the level of prices.

Long-Run Aggregate Supply

Represents the total output an economy can produce when both capital and labor are fully employed, assuming constant technology and resources.

Real GDP

The total value of goods and services produced in a country, adjusted for inflation or deflation, providing a more accurate measure of economic output.

Potential Output

The highest level of real GDP that an economy can achieve when it is operating at full capacity, without causing inflation.