Because the Open-Economy Macroeconomic Model Focuses on the Long Run

question 277

Multiple Choice

Because the open-economy macroeconomic model focuses on the long run, it is assumed that

• A)GDP, but not the price level is given.
• B)the price level, but not GDP is given.
• C)both the price level and GDP are given.
• D)the price level and GDP are variables to be determined by the model.

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Definitions:

Action Potential

The brief wave of positive electrical charge that sweeps down the axon.

Frequency

The rate at which something occurs over a particular period of time or in a given sample.

Sensation

The process by which sensory receptors and the nervous system receive and represent stimulus energies from the environment.

Chemoreception

The physiological response of a cell or an organism to chemical stimuli in the environment.