In the Classical Long-Run Model

question 109

Multiple Choice

In the classical long-run model,

• A) we focus on labor resources,rather than capital or land
• B) we study thousands of different resource markets
• C) we concentrate our attention on three resource markets: land,labor,and capital
• D) we focus on two markets: households and firms
• E) the number of variables we include depends upon whether we are focusing on the short run or the long run

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Definitions:

Hormone Replacement

The medical practice of treating symptoms of menopause or andropause by supplementing the body's natural hormone levels.

Law Of Similar

A principle in homeopathy that substances causing symptoms in healthy individuals can treat similar symptoms in sick individuals.

Homeopathy

An alternative therapy based on the theory that the cure for the disease lies in the disease itself; thus, treatment is with highly diluted amounts of substances that at a higher concentration would produce the same symptoms as the disease.

Naturopathy

A form of alternative medicine that emphasizes the body's intrinsic ability to heal and maintain itself through natural remedies.