The Economy Enters the Long-Run Once

question 83

Multiple Choice

The economy enters the long-run once:

• A) Nominal wages become equal to real wages
• B) Real wages become equal to nominal wages
• C) Sufficient time has elapsed for wage contracts to expire and nominal wages to adjust to output-price changes
• D) Sufficient time has elapsed for real GDP to increase and unemployment to decrease as a consequence

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Definitions:

Bile

A digestive fluid produced by the liver and stored in the gallbladder, essential in the breakdown and absorption of fats.

Teniae Coli

Long, ribbon-like bands of smooth muscle on the surface of the colon, contributing to its segmentation and movement.

Longitudinal Layer

In anatomy, the longitudinal layer refers to muscle fibers oriented lengthwise in an organ, such as those found in the digestive tract, aiding in its contraction and relaxation.

Portal Triad

Branches of the portal vein, hepatic artery, and hepatic duct bound together in the connective tissue that divides the liver into lobules.