In the Macroeconomic Long Run

question 139

Multiple Choice

In the macroeconomic long run,

• A) output always is above potential GDP.
• B) there is full employment and real GDP is equal to potential GDP.
• C) there is full employment with no unemployment.
• D) GDP always is below potential GDP.

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Definitions:

Schenck V. U.S.

A landmark U.S. Supreme Court case in 1919 that established the 'clear and present danger' test for restrictions on free speech in the context of national security.

First Amendment

Part of the Bill of Rights, it protects freedoms concerning religion, expression, assembly, and the right to petition in the United States.

Wartime Powers

Wartime powers are special authorities granted to government leaders and bodies to take extraordinary measures for managing and conducting military operations, maintaining national security, and stabilizing the economy during periods of war.

Palmer Raids

A series of government actions in 1919-1920 aimed at arresting and deporting anarchists, communists, and other perceived radicals during the Red Scare in the United States.