In the Long Run

question 129

Multiple Choice

In the long run

• A)GDP > potential GDP.
• B)unemployment is at its natural rate.
• C)LRAS and SRAS lie on the same line.
• D)the inflation rate is zero.

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Definitions:

Human Resource Shortages

Human resource shortages occur when there is a lack of qualified, skilled workers available to fill job positions within an organization, industry, or geography.

Hiring Freeze

A temporary halt on hiring new employees, typically implemented by an organization to reduce costs.

Contracting Work

The practice of hiring external contractors to perform specific tasks or projects rather than employing full-time staff to do the same work.

Contract Workers

Individuals employed on a temporary basis to complete specific tasks or for a set period, often without the benefits provided to permanent staff.