The Long Run Is a Period of Time

question 214

Multiple Choice

The long run is a period of time

• A)during which at least one resource is fixed
• B)during which all resources are variable
• C)during which all resources are fixed
• D)less than one year
• E)greater than one year

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Definitions:

Exchange Rate

The value of one currency for the purpose of conversion to another, determining how much one currency is worth in terms of another.

Foreign Exchange Market

A global marketplace for trading national currencies against one another.

Economic Growth

Refers to the increase in the production of economic goods and services, compared from one period of time to another.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to more money leaving the country than coming in.