Exhibit 9-5 -The Frictional Unemployment Rate Is 2.5 Percent,the Structural Unemployment Rate

question 49

Multiple Choice

Exhibit 9-5
-The frictional unemployment rate is 2.5 percent,the structural unemployment rate is 3.1 percent,and the economy's current unemployment rate is 5.6 percent.The economy is in

• A)an inflationary gap producing more than Natural Real GDP.
• B)a recessionary gap producing more than Natural Real GDP.
• C)an inflationary gap producing Natural Real GDP.
• D)a recessionary gap producing less than Natural Real GDP.
• E)long-run equilibrium.

Acknowledge the influence of egoism in prosocial behavior.

Explain the fundamental attribution error and its impact on understanding behavior.

Demonstrate knowledge of effort justification and its relation to value assessment.

Understand the definitions and examples of common ethical issues in business such as collusion, copyright infringement, and conflicts of interest.

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Definitions:

Governmental Contracts

Legal agreements between government entities and private parties or other government agencies, primarily for the procurement of goods, services, or construction.

Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise when the promisee has reasonably relied on that promise to their detriment.

Statute

A written law passed by a legislative body, serving as a rule or principle that must be adhered to.

Firm Offers

In contract law, a promise to keep an offer open for a specified period during which it can't be withdrawn, typically supported by consideration or under UCC rules.