When There Is No Objective Standard, We Often Turn to and Observe

question 26

True/False

When there is no objective standard, we often turn to and observe others in an effort to evaluate our actions, a process known as social exchange.

---

Definitions:

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.

Reaganomics

The economic policies promoted by U.S. President Ronald Reagan during the 1980s, characterized by tax cuts, reduced social spending, increased military spending, and deregulation of domestic markets.

Deregulation

The process of removing or reducing state regulations, typically in the economic sphere, to encourage more efficient and competitive markets.

S & L Institutions

Savings and Loan institutions, which are financial establishments focusing on accepting savings deposits and making mortgage loans.