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According to the modern expectational Phillips curve, unemployment will temporarily rise above the natural rate of unemployment when
Evaluation
The systematic process of assessing and judging the value or performance of something or someone based on established criteria.
Perception of Information
How individuals interpret or understand information received from their surroundings or communicated to them, influenced by their beliefs, experiences, and cognitive biases.
Incorporation of Knowledge
The process of absorbing, embedding, and applying new information into an existing body of knowledge to enhance understanding or performance.
Value System
A set of consistent personal or societal beliefs and attitudes that determine one's judgments and actions.
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