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AP Macroeconomics
Unit 3 – National Income and Price Determination
Topic 3.4
Which of the following best describes the concept of Long-Run Aggregate Supply (LRAS)?
LRAS measures the total value of goods and services produced in an economy over a specific period
LRAS refers to the relationship between the price level and the quantity of aggregate output in the short run
LRAS represents the number of goods and services that an economy is capable of producing with the full employment of resources
LRAS shows the relationship between the interest rate and investment spending in an economy
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AP Macroeconomics - 3.4 Long-Run Aggregate Supply (LRAS)
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Long-Run Aggregate Supply (LRAS)
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AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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