A Policy Change That Reduced the Natural Rate of Unemployment

question 112

True/False

A policy change that reduced the natural rate of unemployment would shift both the long-run aggregate-supply curve and the long-run Phillips curve left.

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Definitions:

Biological Children

Individuals who are the genetic offspring of their parents, sharing their DNA.

Extended Families

Extended families include relatives beyond the nuclear family, such as grandparents, aunts, uncles, and cousins, who often share in the caregiving and support of family members.

Grandparents

The parents of one's parents, who play varying roles in family structures from caregivers to sources of wisdom.

Nuclear Families

A family unit that includes only parents and their children, regarded as a basic social unit.