The short-run is a period of less than one year.
Answer the following statement true (T) or false (F)
False
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Some costs cannot be varied within a given time period. These costs are called
A. overheads. B. total costs. C. fixed costs. D. variable costs.
The SMarT program is designed to overcome which common barrier to saving?
A. Status-quo bias B. An unwillingness to forgo current consumption C. The program was designed to overcome both A and B. D. The program was designed to overcome neither A nor B.
The federal backing for the money in the United States comes from:
A. pledging physical assets, such as land, natural resources, and public buildings as collateral for outstanding currency. B. protecting checkable deposits at financial institutions with deposit guarantees. C. control over the money supply designed to keep the value of money relatively stable over time. D. providing sufficient quantities of precious metals such as gold and silver to cover the amount of paper money in circulation.