The Level of Aggregate Output and Income Where There Is

question 33

Multiple Choice

The level of aggregate output and income where there is a balance between spending and production decisions and where the economy moves toward is called:

• A)disequilibrium level of output and income.
• B)equilibrium level of output and income.
• C)disequilibrium level of employment.
• D)none of the above.

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Definitions:

Dual Process Theory

A cognitive psychology theory that explains different levels of information processing in decision making: an automatic, unconscious process and a controlled, conscious process.

Informational Influence

A psychological phenomenon where an individual conforms to the attitudes or behaviors of others because they are perceived as a source of accurate information.

Opinions Over Time

How perspectives or beliefs of individuals or groups change across different periods.

Moscovici

Refers to Serge Moscovici, a social psychologist known for his work on social influence, minority influence, and the theory of social representations.