The Short-Run Aggregate Supply Curve Is Upward Sloping Because Wages

question 112

True/False

The short-run aggregate supply curve is upward sloping because wages rise more slowly than output prices.

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Definitions:

Political Activism

The practice of taking vigorous action, often in support of or opposition to one side of a controversial issue.

Fourteen Points

President Woodrow Wilson’s 1918 plan for peace after World War I; at the Versailles peace conference, however, he failed to incorporate all of the points into the treaty.

Self-Determination

The principle that peoples have the right to freely choose their sovereignty and international political status with no interference.

League of Nations

An international organization established after World War I to promote peace and cooperation among countries, though it ultimately proved ineffective at preventing conflict.