In Long-Run Equilibrium, Employment Is at Full Employment and Unemployment

question 150

True/False

In long-run equilibrium, employment is at full employment and unemployment is at the natural rate of unemployment.

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Definitions:

Philippines

An archipelagic country in Southeast Asia, consisting of more than 7,000 islands, known for its diverse culture and history as a former Spanish then American colony.

American Liberty

The set of freedoms and rights considered to be a fundamental attribute of the United States, including freedom of speech, religion, and the pursuit of happiness.

Platt Amendment

was a 1901 amendment to the Cuban Constitution that allowed the United States to intervene in Cuba's affairs and also established a permanent American naval base in Guantanamo Bay.

Vocational Training

Education that prepares individuals for specific trades, crafts, and careers at various levels from a trade, a craft, technician, or a professional position.