The Economy Is in Both a Short- and Long-Run Equilibrium

question 20

Multiple Choice

The economy is in both a short- and long-run equilibrium if:

• A)Current inflation equals expected inflation and current output equals potential output
• B)The aggregate demand curve intersects the short-run aggregate supply curve
• C)The long-run aggregate supply curve is at potential output
• D)The short-run aggregate supply curve intersects the long-run aggregate supply curve at potential output

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Definitions:

Straight-Ticket Voting

Straight-ticket voting is the practice of voting for all the candidates of the same political party on a ballot.

Independents

Voters or political candidates who do not affiliate with any established political party.

Winner-Take-All

An electoral system in which the candidate who receives the most votes wins the entire election or all available seats, as opposed to proportional representation systems.

Proportional Representation

A voting system where the allocation of seats to parties is directly proportional to the amount of votes they receive.