The Short Run Is

question 109

Multiple Choice

The short run is:

• A) less than a year.
• B) three years.
• C) however long it takes to produce the planned output.
• D) a time period in which at least one input is fixed.
• E) a time period in which at least one set of outputs has been decided upon.

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Definitions:

Government Deficit

Occurs when a government spends more money than it receives in revenue over a specific period, leading to borrowing or currency issuance.

Closed Economy

An economic system that doesn't engage in international trade, relying solely on its own resources and internal market for growth and development.

National Saving

The total amount of savings generated within a country from both the private and public sectors.

Private Saving

The portion of individuals' or households' income that is not consumed or spent on taxes and is instead saved for future use.