If the Price Level in the Current Year Is Much

question 84

Multiple Choice

If the price level in the current year is much higher than the expected price level,_____.

• A)firms will increase production beyond the economy's potential level
• B)the unemployment rate will increase
• C)firms will decrease production below the economy's potential level
• D)the short-run aggregate supply curve will become steeper
• E)the unemployment rate will fall to zero

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Definitions:

Time Sampling

A data collection technique that involves observing and recording behavior during predetermined intervals, offering insights into patterns over time.

Hawthorne Effect

The phenomenon of working harder and producing more as a result of participating in something new and special even when the innovations have no corrective merit.

Skinner Effect

Refers to the phenomenon identified by B.F. Skinner where the rate of a specific behavior is increased or decreased through reinforcement or punishment.

Vocational Effect

The impact or outcomes of vocational education and training on an individual's career paths, employability, and job performance.