Long-Run Macroeconomic Equilibrium Is Achieved When the Money Wage Rate

question 323

True/False

Long-run macroeconomic equilibrium is achieved when the money wage rate has adjusted so that employment is such that real GDP equals potential GDP.

---

Definitions:

Circadian Rhythm

An internal biological clock regulating a variety of physiological processes, including the sleep-wake cycle, over roughly a 24-hour period.

Diurnal

Periodically active during the day and inactive at night.

Ultradian

Describes biological rhythms with cycles shorter than 24 hours, such as the stages of sleep or patterns of hormone release.

Infradian

refers to biological rhythms with cycles that are longer than a day, such as menstrual or seasonal cycles.