Long-Run Macroeconomic Equilibrium Occurs When

question 128

Multiple Choice

Long-run macroeconomic equilibrium occurs when

• A)the aggregate demand curve intersects the short-run aggregate supply curve.
• B)the aggregate demand and short-run aggregate supply curves intersect at a point on the long-run aggregate supply curve.
• C)structural and frictional unemployment equal zero.
• D)output is above potential GDP.

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Definitions:

Collectivistic Orientations

Cultural values that prioritize group goals over individual goals and emphasize interdependence among members of a community.

Individualistic Orientations

Cultural or personal predispositions favoring independence, self-expression, and valuing the self over group goals.

Self-Concept

An individual's understanding and evaluation of their own behaviors, attributes, and attitudes, forming a self-image.

Cultural Orientations

The collective attitudes, values, goals, and practices that characterizes an organization or group.