When the Economy Is in Long-Run Equilibrium, There Will Be

question 55

Multiple Choice

When the economy is in long-run equilibrium, there will be

• A) no unemployment.
• B) frictional and structural unemployment.
• C) cyclical unemployment only.
• D) cyclical and seasonal unemployment.

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Definitions:

Learned

Acquired knowledge or skills through experience, study, or being taught, which can influence behavior and cognition.

Incentive Salience

The attribute of a stimulus that makes it stand out as particularly attractive or desirable, often influencing motivation and behavior.

Associative Learning

A learning process by which a subject comes to associate stimuli or behaviors with certain outcomes.

Drug Addiction

A chronic disorder characterized by compulsive drug seeking and use, despite harmful consequences, altering brain function and behavior.