As an Expansionary Gap Is Closed in the Long Run

question 170

Multiple Choice

As an expansionary gap is closed in the long run,

• A)nominal and real GDP decline
• B)nominal and real GDP increase
• C)nominal GDP increases but real GDP declines
• D)nominal GDP declines but real GDP increases
• E)real GDP declines,but nominal GDP can increase,decrease,or remain the same

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Definitions:

Landrum-Griffin Act

The Landrum-Griffin Act, formally known as the Labor-Management Reporting and Disclosure Act of 1959, is a U.S. law that aims to protect union members' rights and promote labor democracy through regulating union administration.

National Labor Unions

Federations or organizations that represent the collective interests of workers across various sectors at the national level.

Taft-Hartley Act

A federal law established in 1947 in the United States, which limits the actions and authority of labor unions.

Union Members

Individuals who belong to a labor union, which represents their interests in negotiations with employers.