The Public Suffers Social and Political Harm in Addition to Financial

question 55

Multiple Choice

The public suffers social and political harm in addition to financial harm.Loss of trust when the privileged wealthy few are punished less severely than others is what one social scientist refers to as:

• A)culture cost.
• B)hidden cost.
• C)demoralization cost.
• D)opportunity cost.

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Definitions:

Recessionary Phase

A period in the business cycle where the economy is contracting, leading to reduced economic activity and increased unemployment.

Prosperity Phase

A period during an economic cycle characterized by high economic growth, employment, and consumer spending.

Recession Phase

An interval of economic downturn where commercial and manufacturing operations decrease, commonly indicated by two successive quarters of falling GDP.

Disinflation

A slowdown in the rate of increase of the general price level of goods and services in a nation's gross domestic product over time.