In the Long Run, the Level of Output Is Determined

question 120

Multiple Choice

In the long run, the level of output is determined by the:

• A) interaction of supply and demand.
• B) money supply and the levels of government spending and taxation.
• C) amounts of capital and labor and the available technology.
• D) preferences of the public.

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Definitions:

Sensory Memory

The briefest segment of memory that enables people to preserve sensory impressions once the initial stimuli are no longer present.

Short-term Memory

The capacity for holding a small amount of information in mind in an active, readily available state for a short period of time.

Consolidated Memory

A process by which short-term memories are transformed into long-term memories, making them stable and less susceptible to disruption.

Episodic Memory

The type of declarative memory that records events as they have been subjectively experienced.