-From the Data in the Above Table, When the Economy

question 33

Multiple Choice

-From the data in the above table, when the economy is in short-run equilibrium, if aggregate demand does not change, then as time passes the

• A) short-run aggregate supply curve shifts rightward.
• B) short-run aggregate supply curve shifts leftward.
• C) long-run aggregate supply curve shifts rightward.
• D) long-run aggregate supply curve shifts leftward.

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Definitions:

Class Conflict

The conflict and opposition present in society resulting from the differing economic interests and aspirations of people from various social classes.

Ideology

An arrangement of concepts and standards, mainly one that supports the structure of political or economic theories and policies.

Monetary Bailouts

Financial assistance provided to a failing business or economy to save it from collapse.

Laissez-Faire Approach

An economic principle advocating minimal government intervention in the marketplace and allowing private sector freedom in economic decisions.