Suppose the Economy Is in Long-Run Equilibrium

question 29

Multiple Choice

Suppose the economy is in long-run equilibrium.If there is a sharp decline in government purchases combined with a significant increase in immigration of skilled workers,then in the short run,

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

Understand the concept of a global village and its implications on global connectivity and cultural exchange.

Analyze the role of social movements in advocating for change and preserving traditional values.

Identify and evaluate the ethical dilemmas and societal impacts of technological advancements.

Distinguish between different types of social movements (progressive, regressive, etc.) and their objectives.

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Definitions:

Costs Per Equivalent Unit

A calculation used in process costing that determines the cost of a single completed unit, considering work done on partial units.

Weighted-Average Method

A costing method used in manufacturing and accounting that averages the cost of inventory by taking the total cost of goods available for sale and dividing it by the total number of goods available.

Equivalent Units of Production

An accounting term used to denote the amount of finished goods produced by a company in a given period, after adjusting for work-in-progress inventory at the beginning and end of that period.

Materials Preparation Department

A division within a company responsible for preparing raw materials for production.