In the Short-Run

question 278

Multiple Choice

In the short-run

• A) the aggregate supply curve is upward sloping.
• B) real GDP is always equal to potential GDP.
• C) the money wage rate can change.
• D) the price level does not change.

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Definitions:

Factory Demand

The need or desire for manufactured goods, influencing production levels in factories.

Slave Trading

The act of buying and selling human beings for the purpose of forced and unpaid labor, a practice notably prevalent in the transatlantic slave trade until the 19th century.

Upper South

A term referring to the northern part of the Southern United States, characterized by a mix of agriculture and industrialization, especially prior to and during the Civil War.

Industrial Development

The process of industrialization whereby an economy is transformed from primarily agricultural to one based on the manufacturing of goods. Individual manual labor is often replaced by mechanized mass production.