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:

Impressionable Years

A period in early childhood and adolescence when an individual is very open to external influences, shaping their personality and beliefs.

Young Adulthood

A life stage marked by the transition from adolescence to adulthood, typically involving increased independence, identity exploration, and responsibility.

Temperament

an individual's innate predisposition to react to the environment in certain ways, which forms the basis of later personality.

Unassertive

Characterized by a lack of confidence and decisiveness in expressing one’s own desires, opinions, and needs.