The Long Run in Macroeconomic Analysis Is a Period

question 215

Multiple Choice

The long run in macroeconomic analysis is a period:

• A) in which nominal wages and other prices are flexible.
• B) in which wages are sticky.
• C) of less than one year.
• D) of one to two years.

---

Definitions:

Cognitive Perspective

A psychological method focusing on the internal workings of the mind as the fundamental aspect in explaining human actions.

Interpret

To explain or determine the meaning of something, often requiring analysis of language, symbols, or actions to understand the underlying significance.

Experiences

Events or occurrences that leave an impression on someone, contributing to their knowledge or altering their perception.

Behavioral Perspective

A way of looking at psychological issues by studying observable behavior and the effects of learning on behavior.