The Classical Model Makes Little Distinction Between the Long Run

question 293

Multiple Choice

The classical model makes little distinction between the long run and short run because

• A) the model has not been fully developed yet.
• B) the classical economists knew that we are always operating in the short run.
• C) current changes influence the long run, so it is not possible to plan for the future.
• D) wages and prices adjust so fast that the economy is quickly moving towards the long run.

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Definitions:

Incidence

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Injection Drug Use

The administration of drugs into the body with a needle and syringe, often associated with a higher risk of infectious diseases.

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The extent to which a person’s behavior, including taking medication, following diets, or executing lifestyle changes, corresponds with agreed recommendations from a healthcare provider.