Deeply Rooted Feelings About a Concept's Inherent Worth or Worthiness

question 67

Multiple Choice

Deeply rooted feelings about a concept's inherent worth or worthiness are called

• A) attitudes.
• B) beliefs.
• C) demographics.
• D) values.

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Definitions:

Long-run Phillips Curve

A concept suggesting that in the long term, there is no trade-off between inflation and unemployment, implying that efforts to reduce unemployment will not lead to higher inflation in the long run.

Long-run Phillips Curve

A graphical representation suggesting that in the long run, there is no trade-off between inflation and unemployment.

Higher Inflation

Higher Inflation occurs when there is a sustained increase in the general price level of goods and services, reducing purchasing power over time.

Long Run

A period in economics where all inputs can be adjusted, and companies can change all factors of production.