In the Long Run ________

question 67

Multiple Choice

In the long run ________.

• A)the amount of output an economy can produce is determined by real variables like capital,labor and technological advances
• B)aggregate supply is fixed at the potential level of output
• C)there is enough time for prices to fully adjust so the classical dichotomy holds
• D)all of the above
• E)none of the above

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Definitions:

Intentionality

The property of being directed toward some object or situation in the world (a characteristic of mental states such as emotions or beliefs).

Consciousness

Mental awareness (not to be confused with conscience).

John Locke

A 17th-century English philosopher and political theorist, recognized as a founder of modern philosophical empiricism and liberalism.

Amnesia

A condition characterized by the partial or total loss of memory, often due to brain injury, disease, or psychological trauma.