Long-Run Aggregate Supply Is

question 133

Multiple Choice

Long-run aggregate supply is

• A) the possible combinations of real GDP and inputs after full adjustments have been made.
• B) the extraction of natural resources.
• C) the real production of goods and services after full adjustments have been made.
• D) all of the physical and human resources in the economy.

Recognize the relevance and implications of the Phillips Curve in both short and long run.

Distinguish between the effects of fiscal and monetary policy on economic variables.

Identify how government policies affect the natural rate of unemployment.

Analyze the impact of changes in the money supply on aggregate demand and inflation.

---

Definitions:

Stratified Random Sampling

Sampling in which randomly selected units from small or minority populations are forced into the sample to ensure that they are represented in proportion to their presence in the population.

Purposive Sampling

A non-random sampling technique in which the researcher selects participants based on specific characteristics or qualities.

Convenience Sampling

A sampling technique where participants are selected based on their availability or ease of access, rather than at random.

Volunteer Sampling

Obtaining a sample by asking for volunteers.