In the Diagram Below,the Economy Is Initially in Long Run

question 79

Multiple Choice

In the diagram below,the economy is initially in long run equilibrium at point A,with actual unemployment equal to ___________,natural rate of unemployment equal to 8%,actual inflation equal to ___________ and the public's expected inflation rate equal to ___________.

• A) 8%;3%;3%
• B) 8%;5%;4%
• C) 5%;4%;4%
• D) 8%;3%;4%
• E) 5%;3%;3%

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Definitions:

Self-Esteem

Self-Esteem is a person's overall sense of their value or worth, or how much they appreciate, respect, and feel confident about themselves.

Private Ballot

A voting method that ensures the voter's choices are secret, safeguarding the privacy of the voter's decisions.

Informational Social Influence

A psychological phenomenon where individuals conform to the attitudes, behaviors, or beliefs of a group under the assumption that the group possesses more knowledge about the situation.

Normative Social Influence

The effect others have on an individual, causing them to adapt their behaviors to gain acceptance and approval.