Increases in Potential Output Shift

question 80

Multiple Choice

Increases in potential output shift:

• A) the long-run aggregate supply curve.
• B) the short-run aggregate supply curve.
• C) both the long-run aggregate supply curve and the short-run aggregate supply curve.
• D) the long-run aggregate supply curve, the short-run aggregate supply curve, and the dynamic aggregate demand curve.

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Definitions:

Labor System

An organized framework defining the manner in which labor is structured and utilized in an economy or society, including systems like slavery, serfdom, and wage labor.

African Slave Trade

The forced transportation and sale of African people to serve as slaves in various parts of the world, particularly in the Americas, from the 16th to the 19th century.

English Settlement

The establishment of communities and colonies by English people or under the auspices of England in foreign territories.

Virginia Area

A geographic region referring to the Commonwealth of Virginia, a state in the southeastern and Mid-Atlantic regions of the United States known for its historical significance.