The Short-Run Phillips Curve Shows

question 207

Multiple Choice

The short-run Phillips curve shows

• A) potential GDP.
• B) a tradeoff between the unemployment rate and the inflation rate.
• C) the natural unemployment rate.
• D) the expected inflation rate.
• E) a tradeoff between real GDP and unemployment.

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Definitions:

Normative Social Influence

The influence of other people that leads us to conform in order to be liked and accepted by them, affecting our views, attitudes, and behaviors.

Informational Social Influence

The change in opinions or behavior that occurs when someone conforms to what they believe are the expectations of others, particularly in uncertain situations where the correct action or belief is unclear.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically improving on well-practiced tasks.

Deindividuation

A psychological state where an individual immersed in a group loses awareness of self and as a result may act contrary to their norms or ethics, often seen in crowds or mobs.