There Is No Long-Run Tradeoff Between Inflation and Unemployment Because

question 35

Multiple Choice

There is no long-run tradeoff between inflation and unemployment because

• A)the aggregate demand curve always shifts back to its baseline position.
• B)inflation always returns to the baseline level.
• C)unemployment always returns to the natural rate.
• D)the Federal Reserve does not allow such a tradeoff.
• E)potential GDP declines as the rate of inflation increases.

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Definitions:

Professionalization

The process of developing or transforming a vocation or occupation into a recognized profession, often involving the establishment of formal qualifications, ethical standards, and a regulatory body.

Competitive Society

A societal structure in which individuals or groups are in constant competition for resources, status, or achievement.

Pedagogic Violence

Is Bourdieu’s term for teachers’ application of punishments intended to discourage deviation from the dominant culture.

Hidden Curriculum

The tacit, unofficial teachings and values students pick up during their education, which are not part of the formal curriculum.