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John Earned a PhD in Biomedical Engineering, and Works Full-Time

question 13

Multiple Choice

John earned a PhD in biomedical engineering, and works full-time as a faculty member at the local university. He also does some private consulting work on the side. He would like to give up teaching and do consulting full-time, but he fears there isn't enough demand for it. The best way to describe John is to say he is:

Understand the social and political changes of the 1970s, including shifts in civil rights, environmental awareness, and labor dynamics.

Analyze the achievements and challenges of the Carter administration, both domestically and in foreign policy.

Evaluate the impact of judicial decisions during the 1970s on education, affirmative action, and civil rights.

Understand the concept of "stagflation" and its impact on the American economy and society during the 1970s.

Definitions:

Price Level

A measure of the average prices of goods and services in an economy at a specific time, often compared over time to assess inflation or deflation.

Equilibrium Output

The level of output where the aggregate supply equals aggregate demand, meaning there is no tendency for the economy to change size.

Short-Run Aggregate Supply

Shows the relationship between the price level and the quantity of goods and services that firms are willing and able to supply in the short term, holding some inputs fixed.

Long-Run Equilibrium

The price level and real GDP that occurs when (1) the actual price level equals the expected price level, (2) real GDP supplied equals potential output, and (3) real GDP supplied equals real GDP demanded.