Exhibit 14A-3  Macro AD-AS Model in Exhibit 14A-3, the Self-Correction

question 16

Multiple Choice

Exhibit 14A-3  Macro AD-AS Model In Exhibit 14A-3, the self-correction argument is that in the long run competition:

• A) from unemployed workers causes an increase in nominal wages and a leftward shift in SRAS.
• B) from unemployment workers causes a rightward shift in LRAS.
• C) among firms for workers increases nominal wages and this causes a leftward shift in SRAS.
• D) among consumers causes an increase in the CPI and a rightward shift in SRAS.

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Definitions:

Self-Discipline

refers to the ability to regulate oneself, including one’s emotions, thoughts, and behaviors, in a way that is consistent with long-term goals.

Self-Efficacy

Refers to an individual's belief in their own ability to succeed in specific situations or accomplish a task.

Social Support

Assistance or comfort provided by others, such as family, friends, and the community, which contributes to an individual's well-being.

Self-Esteem

A person's personal subjective assessment of their own value based on their emotions.