If an Economy's Resources Are Fully Employed

question 25

Multiple Choice

If an economy's resources are fully employed,

• A)a great deal of unemployment will be needed to achieve even a small reduction in inflation.
• B)the aggregate supply curve (and thus the Phillips curve) will be flat.
• C)the aggregate supply curve (and thus the Phillips curve) will be steep.
• D)Both a and c are correct.

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Definitions:

High Machs

Individuals characterized by a high level of Machiavellianism, showing manipulative behavior, a cynical view of human nature, and a focus on self-interest and deception.

Committed Employees

Workers who exhibit a strong sense of loyalty and dedication towards their organization, often contributing to higher levels of productivity.

Political Networks

Structures of relationships between individuals, groups, or organizations involving power, influence, and decision-making processes in political contexts.

Informal Small Talk

Casual and informal conversation about non-work related topics used to build relationships in a professional setting.