The Study of the Long Run in Macroeconomics Focuses

question 59

Multiple Choice

The study of the long run in macroeconomics focuses

• A)primarily on changes to the output gap, with a constant level of potential output.
• B)primarily on the supply of factors of production.
• C)equally on potential GDP and actual GDP.
• D)primarily on changes to potential GDP.
• E)on changes to actual GDP but not on changes in potential GDP.

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Definitions:

Paying Employees

The process of compensating workers for their services, typically through salaries, wages, or other forms of payment.

State Wage-and-hour Laws

Laws enacted by individual states in the U.S. that govern minimum wage levels, overtime pay, and other aspects of employment hours and compensation.

Personnel Department

The department within a company responsible for the management of employee-related processes such as hiring, administration, and training.

Federal

Relating to the national government of a country, as opposed to local or state government.