The figure given below depicts long run equilibrium in an aggregate demand-aggregate supply model.The change in real GDP in this figure from Y1 to Y2 could have been caused by:
Figure 10.8
Definitions:
Race-based Distinctions
The practice or policy of differentiating individuals based on racial characteristics, often leading to discrimination or inequality.
Afro-American League
An early civil rights organization in the United States, aimed at advocating for African American rights and challenging racial discrimination.
T.Thomas Fortune
An African American journalist, editor, and writer, recognized as a leading advocate of civil rights and economic empowerment for African Americans in the late 19th and early 20th centuries.
Freeman
Historically, an individual who was not a serf or slave and possessed certain rights; in the context of American history, often refers to a former slave who has been emancipated.
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