Write the Correct Meaning for PNS

question 41

Short Answer

Write the correct meaning for PNS:

---

Definitions:

Natural Rate

A concept referring to the level of unemployment at which inflation is not accelerated, suggesting an equilibrium between demand for labor and supply.

Long-Run Aggregate-Supply

The total quantity of goods and services that producers in an economy are willing and able to supply at a full employment level, regardless of the price level, in the long term.

Long-Run Phillips

Describes the relationship between unemployment and inflation over a longer period, suggesting that in the long run, there is no trade-off between inflation and unemployment.

Natural Rate

The long-term rate of unemployment or economic output at which the economy stabilizes, without causing inflation.