If the Data Show That Periods of High Economic Growth

question 214

True/False

If the data show that periods of high economic growth rate are accompanied by high inflation rates, then changes in aggregate demand are the primary source of economic fluctuations.

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Definitions:

Nomothetic

Refers to the approach in psychology that aims to study what we share with others, focusing on general laws or principles that apply to all people.

Mechanistic

A view or theory that regards complex processes as being governed by simple physical or chemical principles, often compared to the workings of a machine.

Cognitive

Related to the processes of thinking, understanding, learning, and remembering.

Internal

Referring to something situated inside or within; often related to processes or features within an organism or system.