If the Actual Price Level Is Higher Than the Expected

question 136

Multiple Choice

If the actual price level is higher than the expected price level,the economy will:

• A)have no structural unemployment.
• B)experience a recession.
• C)experience stagflation.
• D)expand output in the short run.
• E)have no seasonal unemployment.

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Definitions:

Skinner Box

An experimental apparatus developed by B.F. Skinner for studying behavioral conditioning in animals, typically involving rewards and/or punishments.

Rubik's Cube

A 3D combination puzzle invented by Ernő Rubik in 1974, consisting of a cube with each of its six faces covered by nine stickers, each of one of six solid colors.

Law of Effect

A principle stating that behaviors followed by satisfying consequences are more likely to be repeated, while those followed by unsatisfying consequences are less likely to be repeated.

Reinforcement

In behavioral psychology, a process by which a behavior is strengthened or increased by its consequences.