The Long-Run Aggregate Supply Curve Assumes That

question 174

Multiple Choice

The long-run aggregate supply curve assumes that

• A) the unemployment rate is more than 9 percent.
• B) all factors of production are fully employed.
• C) only laborers are fully employed.
• D) there is no government purchasing of goods and services.

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Definitions:

Debt

An obligation, typically financial, owed by one party (the debtor) to another (the creditor), which might include money, services, or other forms of recompense.

Personal Property

Assets or belongings that are not fixed to one location and can be moved, such as furniture, electronics, or vehicles.

Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)

A law enacted in 2005 to reform bankruptcy law, making it harder to file for Chapter 7 bankruptcy and requiring a means test for eligibility.

Bankruptcy Law

The body of laws that governs the process by which individuals or entities unable to repay debts to creditors may seek relief through the division of assets among creditors or the creation of a repayment plan.