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Suppose the economy is in equilibrium with an output gap equal to zero and the actual inflation rate equals the expected inflation rate.If the economy experiences a negative demand shock,the output gap will ________ and the inflation rate will ________.
Legislative Protections
Laws and regulations designed to protect the rights and welfare of individuals, such as workers or consumers, in various aspects of life and commerce.
Industrial Unions
Labor unions that organize workers across all crafts and trades within an entire industry, rather than according to the specific skills they possess.
Craft Unions
Labor organizations that represent workers in a specific trade or craft, focusing on skills and qualifications unique to that craft as the basis for membership.
Jurisdictional Fights
Conflicts between different unions or sections of unions over the right to represent a certain group of workers or perform specific job tasks.
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