Short-run outcomes in the economy can be expressed in terms of output and the price level, or in terms of unemployment and inflation.

Question

Quizplus · Accepted Answer

Short-run outcomes in the economy can indeed be expressed in terms of output and the price level, which relate to the overall production and cost of goods and services, or in terms of unemployment and inflation, which relate to the labor market and purchasing power. These are key indicators used in macroeconomics to assess economic performance.

Short-Run Outcomes in the Economy Can Be Expressed in Terms