In Macroeconomics, the Long Run Is

question 153

Multiple Choice

In macroeconomics, the long run is

• A) a period long enough that participants in the economy will have enough time to gain all relevant information but not enough time to act correctly on that information.
• B) the same period accountants use to measure long-term assets and liabilities.
• C) a period long enough that participants in the economy will have enough time to gain all relevant information and enough time to act correctly on that information.
• D) a period long enough that participants in the economy will have enough time to act correctly on all relevant information but not enough time to collect all of it.

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Definitions:

Acquire Skills

The process of learning or developing abilities and knowledge through practice, study, or experience.

Conditioned Response

The learned response to the conditioned stimulus that occurs after conditioned stimulus-unconditioned stimulus pairing.

Voluntary Behavior

Actions that are performed consciously and intentionally by an individual, as opposed to reflexes or automatic responses.

Reflex

An automatic, involuntary reaction to a specific stimulus that does not require conscious thought.