Multiple Choice
Suppose that the short-run macroeconomic equilibrium occurs in the upward-sloping range of the short-run aggregate supply curve. If government spending increases, then in the short run, the _____ will fall. However, in the long run, the _____ wage will rise.
A) nominal wage; real
B) output; real
C) real wage; nominal
D) price level; nominal
Correct Answer:
Verified
Correct Answer:
Verified
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