An Above-Full-Employment Equilibrium Is

question 388

Multiple Choice

An above-full-employment equilibrium is

• A) a theoretical possibility but cannot happen in reality.
• B) the equilibrium in which the economy is in most of the time.
• C) when real GDP exceeds potential GDP.
• D) the period of time when prices are falling.

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Definitions:

Social Loafing

is the phenomenon where individuals exert less effort when working in a group compared to when working alone.

Collective Tasks

Activities or missions performed by a group working towards a common objective or goal.

Groupthink

A phenomenon that occurs within a group of people, in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Deindividuation

A psychological state where an individual loses self-awareness and a sense of individuality, often leading to disinhibited or antinormative behavior, typically within a group context.