If an Economy Is in a Recession, It Means That

question 48

Multiple Choice

If an economy is in a recession, it means that:

• A) the economy is not in long-run equilibrium.
• B) total output is less than potential output.
• C) the short-run equilibrium lies to the left of the long-run aggregate supply curve.
• D) All of these are true.

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Definitions:

Carl Rogers

An influential American psychologist who founded the humanistic approach to psychology and developed client-centered therapy.

Self-monitoring

The process of paying attention to one's own behavior and its effects on others.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow that categorizes human needs into a five-level pyramid, with basic needs at the bottom and self-actualization at the top.

Physiological

Pertaining to the functions and activities of living organisms and their parts, including all physical and chemical processes.