A Difference Between the Economic Long Run and the Short

question 116

Multiple Choice

A difference between the economic long run and the short run is that:

• A) the classical dichotomy holds in the short run but not in the long run.
• B) monetary and fiscal policy affect output only in the long run.
• C) demand can affect output and employment in the short run, whereas supply is the ruling force in the long run.
• D) prices and wages are sticky in the long run only.

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Definitions:

Typological Approach

Refers to the study of personality types and the categorization of individuals based on certain distinctive traits or patterns of behavior.

Single-trait Approach

A methodology in personality psychology that focuses on how one trait influences a broad range of behaviors and attitudes.

Configural Approach

A methodology in psychological assessment focusing on the holistic integration of various test scores and data points to understand an individual's personality or abilities.

Many-trait Approach

A psychological perspective that examines personality by considering the complex interplay of a wide array of traits in understanding behavior and traits.