One Difference Between the Short Run and the Long Run

question 6

Multiple Choice

One difference between the short run and the long run in macroeconomics is that

• A) aggregate supply defines GDP in the short run, whereas aggregate demand, given a price, defines GDP in the long run.
• B) prices that can be assumed exogenous in the long run tend to vary wildly in the short run.
• C) aggregate demand defines GDP given an exogenous price level in the short run, whereas aggregate supply defines GDP in the long run with flexible prices.
• D) people can form expectations about what will happen over the long run but are completely in the dark about the random walk uncertainties of the short run.
• E) none of the above.

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Definitions:

Narrative Empathy

The capacity to understand and share the feelings of others as communicated through stories or narratives.

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