In Macroeconomics, the Long Run Is Determined By

question 116

Multiple Choice

In macroeconomics, the long run is determined by:

• A) how long it takes for prices of inputs to adjust through the whole economy.
• B) how long it takes for firms to vary all input quantities.
• C) the longest contract length of a business.
• D) how long it takes for output decisions to adjust to changes in economic conditions.

---

Definitions:

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society inherited from past generations, preserved in the present, and bestowed for the benefit of future generations.

Phallic Stage

A phase in Freudian psychosexual development, occurring roughly between the ages of three and six, where the libido's focus is on the genital area.

Psychosocial Development

Psychosocial development involves the changes in an individual’s psychological and social functioning that occur over the course of their life, shaped by various developmental stages and social interactions.

Oral Stage

The first stage in Freud's psychosexual development, occurring from birth to about 18 months, where an infant's pleasure centers are in the mouth.