The Long Run in Macroeconomics Is a Period in Which

question 148

True/False

The long run in macroeconomics is a period in which wages and prices are flexible and there is full market adjustment.

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Definitions:

Yerkes-Dodson Law

A theory suggesting there is an optimal level of arousal for performance, and too little or too much arousal can negatively impact performance.

Physiological Arousal

A physical condition of heightened alertness, energy, or readiness to respond, often associated with stress, excitement, or physical exercise.

Soccer Team

A group of players assembled to participate in soccer matches, typically consisting of eleven players on the field.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by a hierarchy of needs starting from basic physiological needs to self-actualization.