Open-Ended Questions Provide the Respondent with Maximum Flexibility in Answering

question 9

True/False

Open-ended questions provide the respondent with maximum flexibility in answering questions.

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Definitions:

Inflation Rate

The percentage rate of increase in price levels over time, which can erode purchasing power.

Inflation Expectations

The rate at which people expect the prices of goods and services to increase in the future, which can influence economic behavior.

Unemployment Rate

The fraction of people in the labor market who are not employed but are seeking a job.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between unemployment and inflation rates in an economy over the short term, suggesting a trade-off between the two.