If an Economy's Resources Are Fully Employed

question 25

Multiple Choice

If an economy's resources are fully employed,

• A)a great deal of unemployment will be needed to achieve even a small reduction in inflation.
• B)the aggregate supply curve (and thus the Phillips curve) will be flat.
• C)the aggregate supply curve (and thus the Phillips curve) will be steep.
• D)Both a and c are correct.

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Definitions:

Tools

Instruments or software used to facilitate the accomplishment of a task or to achieve a specific result.

Techniques

Methods or ways of doing something, often involving a specific set of skills or processes.

Project Risk

Project risk refers to the potential events or conditions that could impact a project's objectives, timeline, or resources negatively if they occur.

Risk Analysis

The process of identifying, assessing, and prioritizing risks to the project and planning for potential mitigation.