In the Long Run

question 57

Multiple Choice

In the long run:

• A) real GDP is determined by the aggregate supply.
• B) increases in the supply of money lead to increases in real GDP.
• C) prices are sticky.
• D) real GDP is completely demand- determined.

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Definitions:

Management Object

An element or goal that management aims to achieve through planning, organizing, leading, and controlling organizational resources.

Frederick Taylor

A pioneer of industrial engineering and management science, best known for his work on improving industrial efficiency through the principles of scientific management.

Maximum Prosperity

The highest level of economic well-being and wealth generation achievable by an individual, organization, or economy.

Economic Gain

The increase in financial value or benefit that results from an investment or action.