At the Beginning of the Twenty-First Century Most Economists

question 38

Multiple Choice

At the beginning of the twenty-first century most economists

• A)urged the Fed to focus on its goal of high employment.
• B)urged central banks to focus their energy on low inflation.
• C)believed the underlying inflation rate in the United States was higher than it had been in the late 1970s.
• D)were critical of the performance of Alan Greenspan has Chairman of the Fed.

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Definitions:

Reciprocal Determinism

A concept in psychology emphasizing the mutual influence between a person's behavior, personal factors, and the environment.

Self-serving Bias

A frequent inclination to credit good outcomes to personal qualities while blaming bad outcomes on outside circumstances.

Defensive Self-esteem

A form of self-esteem that is fragile and vulnerable to criticism, leading individuals to react defensively to perceived threats.

Accomplishments

Achievements, successes, or completed goals, often resulting from effort or skill.