The Long-Run Level of RGDP Changes Whenever the Aggregate Demand

question 51

True/False

The long-run level of RGDP changes whenever the aggregate demand curve shifts.

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Definitions:

Marginally Attached

A term used to describe individuals who are not currently in the labor force but have looked for work in the recent past and are willing to work.

Economic History

The study of how economic phenomena evolved in the past.

Inflation

An increase in the general price level of goods and services in an economy over a period of time.

Cost-Push Inflation

Inflation resulting from a rise in the cost of inputs such as labor, raw materials, and so forth, which subsequently reduces the availability of these goods.