In economics, how long is the long run?
A) more than one year
B) 24 months or longer
C) 5 years or more
D) whatever time it takes a firm to vary all inputs
Answer: D
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At the equilibrium level of aggregate expenditure, what does aggregate expenditure equal? What happens at other levels of real GDP to bring about an equilibrium?
What will be an ideal response?
If incomes grow during the next year, what will happen in the market for RVs? (Assume that RVs are normal goods.)
What will be an ideal response?
An example of a negative externality created in the market system would be
A) poverty. B) unemployment. C) an increased number of bird flu patients. D) water pollution.
A macroeconomist would be interested in the
a. general rise of prices b. decline of cheese prices c. fluctuation of oil prices d. sharp rise of coffee prices