Suppose, as in the 1970's in the U

question 60

Essay

Suppose, as in the 1970's in the U.S., that demographic groups which typically have higher unemployment rates become a larger percentage of the labor force. Would this have any effect on the long-run Phillips curve?

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Definitions:

Devil's Advocate

Someone who adopts a position they do not necessarily agree with, for the sake of argument or to explore the thought process.

Asch's Line-Judging

Definition: An experiment conducted by Solomon Asch that demonstrated the power of conformity in groups, where individuals often agree with clearly incorrect majority opinions.

Autokinetic Effect

A phenomenon where a stationary point of light in a dark room appears to move due to small involuntary eye movements.

Group Norms

The shared expectations and rules that guide the behavior of members within a group.