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Which of the Following Statements Is Wrong

question 82

Multiple Choice

Which of the following statements is wrong?


Definitions:

Long-Run Effect

The ultimate impact of economic policies or market changes, characterized by all inputs and outputs being variable and firms fully adjusting to new conditions.

Tariff on Imports

A levy placed on imported goods and services by a government to shield local industries from overseas competition.

Total Output

The complete quantity of goods or services produced by a company, sector, or economy within a specific timeframe.

Exports

Sales of goods or services produced in one country purchased by residents of another country.

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