Output Fluctuations Are Defined As

question 59

Multiple Choice

Output fluctuations are defined as:

• A) the amount of output where inflation is about 2 percent.
• B) what an economy produces when it is at capacity.
• C) the percentage difference between current output and potential output.
• D) the amount of total output if all inputs were utilized at their long-run sustainable levels.
• E) the amount of output where unemployment is zero.

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Definitions:

Piaget

A Swiss psychologist known for his pioneering work in the study of child development and his theory of cognitive development which outlines how children progress through various stages of intellectual growth.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children aged 7 to 12 develop logical thinking skills but are still concrete in their approach to problem-solving.

Formal Operational

A stage in Piaget's theory of cognitive development, where individuals are able to think abstractly, logically, and systematically.

Egocentrism

In psychology, the inability to differentiate between one's own perspective and another person's perspective.