The Relationship Between Actual Output in an Economy, the Long-Run

question 71

True/False

The relationship between actual output in an economy, the long-run component, and the short-run component is given as: Current output = Long-run trend + Short-run fluctuations.

---

Definitions:

Legitimate Power

A form of authority derived from a position of power within an organization, granting the ability to make decisions, command resources, and enforce obedience.

Shifts Focus

Shifts focus refers to changing the direction of attention, resources, or efforts from one area, subject, or task to another, often to adapt to new priorities or challenges.

Referent Power

A form of influence that derives from the leader's ability to gain respect and admiration from followers, leading them to identify with or emulate the leader.

Empowerment

Granting individuals or groups the authority and confidence to make decisions and take actions autonomously.