In Long-Run Macroeconomic Equilibrium

question 73

Multiple Choice

In long-run macroeconomic equilibrium

• A) real GDP equals potential GDP.
• B) the price level is fixed and aggregate demand determines real GDP.
• C) real GDP and the price level are determined by short-run aggregate supply and aggregate demand and long-run aggregate supply is irrelevant.
• D) real GDP is less than potential GDP.

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Definitions:

Ossicle's Amplified Vibrations

The process by which the small bones in the middle ear amplify sound vibrations for hearing.

Cochlea

A spiral-shaped cavity of the inner ear that plays a key role in the process of hearing by converting sound vibrations into nerve impulses.

Reds And Greens

Often refers to color vision and the ability to distinguish between these two colors, which can indicate normal or defective color vision.

Sense Of Hearing

The ability to perceive sound by detecting vibrations, changes in the pressure of the surrounding medium through time, through an organ such as the ear.