Greg Is on the Trivia Team for His Fraternity

question 223

Multiple Choice

Greg is on the trivia team for his fraternity. When the final deciding question was asked during a competition, Greg was sure he knew the answer since he had answered a similar question during practice, but he just couldn't retrieve the information in time to "buzz in." The other team did "buzz in" with the correct answer and won this match. Greg later said that he felt like the answer was on the "tip of his tongue," but it would just not come to mind. He had experienced a memory that was

• A)available but not accessible.
• B)temporary rather than permanent.
• C)short-term but not long-term.
• D)procedural rather than semantic.

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Definitions:

Potential Output

The highest level of real gross domestic product (GDP) that can be sustained over the long term without increasing inflation, reflecting the maximum productive capacity of an economy.

Short-Run Aggregate Supply

The total production of goods and services in an economy at different price levels in the short-term, considering wages and resource prices as sticky.

Short-Run Aggregate Supply

The total production of goods and services in an economy at different price levels over a short period, during which some production costs are fixed.

Potential Output

The highest level of real GDP that can be sustained over the long term without increasing inflation.