The Open Economy Effect Refers to the Fact That

question 254

Multiple Choice

The open economy effect refers to the fact that

• A) the position and shape of the long run aggregate supply curve is partially due to the fact that we import goods.
• B) the aggregate supply curve shifts when the economy grows.
• C) the slope of the aggregate demand curve is partially explained by the reduction in the desire to buy fewer U.S. goods by U.S. residents and foreign residents as a result of a higher price level.
• D) the immigration policies of the United States are disruptive to labor markets.

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Definitions:

Ablism

Bias or unfair treatment directed at people who have disabilities.

Gerontocratic Model

A social or political system where leadership is concentrated in the hands of the elderly, valuing their wisdom and experience.

Age Cohort

A group of individuals who share a similar age, typically used for statistical analysis on common characteristics or experiences.

Sociological Explanation

An analysis of social phenomena through the lens of social structures, actions, and patterns.