-Using the above graph assume that the economy is in equilibrium at an output level of $600 billion and a price level of 110. What would happen to the aggregate output level and the price level if wages fell and their was an increase in government spending?
Definitions:
Independent Variables
Variables in an experimental setting that are manipulated or changed to observe their effects on dependent variables.
Dependent Variables
The variables in scientific research that are measured as outcomes, expected to change as a result of independent variables' manipulation.
Mixed Methods Approach
A research strategy that combines quantitative and qualitative data collection and analysis to enrich understanding of a topic.
Secondary Analysis
The reuse of existing data collected for a different study to pursue a research interest distinct from the original work.
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