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Use the information below to explain adjustments that move the economy to a long-run equilibrium.Assume that firms and workers have adaptive expectations.
The current unemployment rate = 7%.
The natural rate of unemployment = 5.5%.
Last year's inflation rate = 5%.
This year's inflation rate = 4%.
Disparate-Treatment Discrimination
A form of discrimination where an individual is treated less favorably than others based on a protected characteristic.
Title VII
A segment of the 1964 Civil Rights Act that bars discrimination in the workplace on the grounds of race, skin color, faith, gender, or national background.
Civil Rights Act of 1964
A landmark piece of federal legislation in the United States that outlawed discrimination based on race, color, religion, sex, or national origin.
Prima Facie
Latin for "at first sight"; evidence that is sufficient to prove a case unless disproven by contrary evidence.
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