Surpluses, but Not Shortages, Can Exist When a Market Is

question 121

True/False

Surpluses, but not shortages, can exist when a market is in equilibrium.

Identify the factors that cause shifts in aggregate demand and aggregate supply curves.

Analyze the effects of changes in price levels on aggregate demand and aggregate supply.

Interpret the significance and calculation of price indices and their role in measuring changes in the economy.

Understand the macroeconomic equilibrium and its implications for real GDP and price level.

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Definitions:

Rising Income Gap

The increasing disparity in income and wealth between the richest and poorest members of society, highlighting growing economic inequality.

Income Inequality

The irregular distribution of income across different economic participants at the household or individual level.

Highly Educated Workers

Individuals in the workforce who have attained a high level of education, typically holding a college degree or higher.

Temporary Assistance

Short-term aid provided by governments or organizations to individuals or families in need, often meant to support them until they regain financial independence.