In the Short Run, ________ Determines Output, and in the Long

question 107

Multiple Choice

In the short run, ________ determines output, and in the long run ________ determines output.

• A)potential output; prices
• B)potential output; total spending
• C)total spending; potential output
• D)total spending; prices

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Definitions:

Civil Service Reform Act

Legislation intended to improve and regulate the civil service of the United States by promoting merit-based appointment and ensuring job security for civil servants.

Office of Personnel Management (OPM)

A U.S. federal agency that manages the civil service of the federal government, overseeing human resources policy, personnel management, and health insurance policies for federal employees.

Political Appointees

Individuals who are appointed to certain government positions as a result of their political affiliation or support, rather than through a merit-based system.

Interstate Commerce Commission (ICC)

A former independent agency of the U.S. government, established to regulate the railroad industry and later expanded to oversee other modes of transportation.