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If an Economy Is in a Recession, with Output Below

question 57

Multiple Choice

If an economy is in a recession, with output below its full-employment level, a(n) _____ return the economy to its long-run equilibrium, which would cause the price level to_____


Definitions:

Certain Circumstances

Specific conditions or situations that are clearly defined or understood.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that sets forth the rules governing international sales contracts.

Warranty of Particular Purpose

A guarantee that a product will meet the specific requirements or needs of the buyer, going beyond general expectations.

Lack of Conformity

A situation where goods or services provided fail to meet the contractual specifications or standards agreed upon.

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