Saving to Meet Long-Term Objectives-Such as Retirement, College Attendance, or to Purchase

question 57

Multiple Choice

Saving to meet long-term objectives-such as retirement, college attendance, or to purchase a home,-is called ________ saving.

• A)public
• B)bequest
• C)precautionary
• D)life-cycle

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Definitions:

Short Run

A period in economic analysis where at least one factor of production is fixed, limiting the immediate ability of businesses to adjust to market changes.

Firm's Output

The total quantity of goods and services produced by a company during a specific period.

Short Run

A timeframe in economics during which at least one factor of production is fixed, allowing only some variables to change in response to changes in demand or other influences.

Long Run

An economic interval where all production elements and expenses can fully adapt, as they are changeable, permitting comprehensive adjustments to any variations.