Suppose the Economy Is in Long-Run Equilibrium

question 176

Multiple Choice

Suppose the economy is in long-run equilibrium. If there is a sharp increase in the minimum wage as well as an increase in taxes, then in the short run, real GDP will

• A)rise and the price level might rise, fall, or stay the same.In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
• B)fall and the price level might rise, fall, or stay the same.In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected.
• C)rise and the price level might rise, fall, or stay the same.In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.
• D)fall and the price level might rise, fall, or stay the same.In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.

Understand the role of analytics and big data in organizational decision-making and efficiency.

Identify the consequences of constant connectivity and the reliance on digital devices in the professional and personal realms.

Appreciate the necessity for equitable operational frameworks in dealing with larger platform capitalism entities to ensure fair working conditions and practices.

Understand the basic principles and processes involved in photosynthesis, including light-dependent and light-independent reactions.

---

Definitions:

Computer Stores

Retail outlets or online platforms specializing in the sale of computer hardware, software, and related accessories.

World Trade Center

A large complex of buildings in Lower Manhattan, New York City, United States, known for being the site of a tragic terrorist attack on September 11, 2001.

Flashbulb Memory

A highly detailed and vivid memory of a momentous event, which can often be recalled with great accuracy.

Short-Term Memory

Short-term memory is the component of the memory system that holds a small amount of information in an active, readily available state for a short period.