Examlex
A reversible refrigerator operates between a low temperature reservoir at TC and a high temperature reservoir at TH. Its coefficient of performance is given by:
Government Purchases
Spending by the government on goods and services that are directly consumed or invested in by the government sector.
Short-Run Aggregate Supply
The total production of goods and services in an economy at different price levels in a short time frame, assuming that some production costs remain fixed.
Spending Multiplier
The ratio of a change in national income to a change in government spending that causes it, indicating the impact of fiscal policy on the economy.
Long Run
A period of time in economics where all factors of production and costs are variable, and all market adjustments have been made.
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