question archive A change to a variable in a model that causes other variables to deviate from their long-run equilibrium values in the short run or in the long run is referred to as a: A
A change to a variable in a model that causes other variables to deviate from their long-run equilibrium values in the short run or in the long run is referred to as a: A
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A change to a variable in a model that causes other variables to deviate from their long-run equilibrium values in the short run or in the long run is referred to as a:
A. deviation,
B. disequilibrium catalyst,
C. standard deviation,
D. shock.
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The correct answer is d. shock.
- This statement accurately explains the definition of a shock in economics. The standard deviation is not relevant here as it reflects the average distance from the mean, while the deviation applies to a single variable at a time and does not lead to a deviation in other variables as seen in a shock.
