The Nature of Science Implies That

question 54

Multiple Choice

The nature of science implies that

• A)new scientific findings never change current thinking in society.
• B)scientists are never sure of their findings and how to present these ideas to society.
• C)new scientific findings may cause a change in current thinking in society.
• D)science has much improvement to make before it can be used to change current thinking in society.

Analyze the impact of economic policies on the aggregate demand and supply curves.

Describe the reasons behind the slope of the aggregate demand curve.

Explain the reasons for the upward slope of the short-run aggregate supply curve.

Identify the macroeconomic variables that change during economic fluctuations and recessions.

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Definitions:

Climatic Changes

Significant and lasting changes in weather patterns over periods ranging from decades to millions of years, often attributed to natural and human activities.

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a product or commodity, leading to increased prices and a decrease in the equilibrium quantity.

Short-run Aggregate Supply

The total quantity of goods and services that producers in an economy are willing and able to produce and sell at a given overall price level in a given period, with some input prices not fully adjusted.

Long-run Aggregate Supply

Long-run aggregate supply represents the total output an economy can produce when it is fully employing its resources, reflecting the economy’s potential growth rate without accelerating inflation.