In the Short Run, Nominal Wages and Other Input Prices

question 17

Multiple Choice

In the short run, nominal wages and other input prices are assumed to be:

• A) Unresponsive to product price-level changes, but in the long run they are assumed to be responsive
• B) Unresponsive to product price-level changes, and in the long run they are assumed to be unresponsive also
• C) Responsive to product price-level changes, but in the long run they are assumed to be unresponsive
• D) Responsive to product price-level changes, and in the long run they are assumed to be responsive also

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Definitions:

After-Acquired Property

Property acquired by a debtor after an agreement or court order, which may become subject to claim by creditors.

UCC

The Uniform Commercial Code governs commercial transactions in a way that facilitates the easy flow of commerce through consistent legal rules.

Movable Collateral

Assets that can be relocated and are used as security for a loan without transferring ownership to the lender.

Secured Party's Remedies

Legal actions or measures available to a secured party to enforce rights against a debtor in case of default.