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question 20

Multiple Choice

Use the following to answer questions:
Select the word or phrase from the Terms section that best matches the definition or example provided in the Definitions section.
Terms
-Title meaning "universal ruler" that was given to this Mongol leader in 1206 after he united the Mongols.


Definitions:

Price Level

A measure of the average prices of goods and services in an economy at a given time, often used to monitor inflation or deflation.

Short-Run Aggregate-Supply Curve

A curve that shows the relationship between the total output of goods and services and the price level for output in the short run.

Wages Are Sticky

The theory that salaries do not adjust quickly to changes in market conditions, leading to unemployment or surpluses.

Short-Run Aggregate Supply Curve

A graphical representation showing the relationship between the total production of goods and services and the price level for output in the short run.

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