In the Long Run

question 129

Multiple Choice

In the long run

• A)GDP > potential GDP.
• B)unemployment is at its natural rate.
• C)LRAS and SRAS lie on the same line.
• D)the inflation rate is zero.

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Definitions:

Term Introduction

The process or action of presenting and defining a new term or concept.

Self-actualized Personality

A psychological state or trait in which a person realizes their full potential, acting autonomously and with a sense of fulfilling their capabilities.

Abraham Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority.

Independence

The state of being self-sufficient and free from outside control, managing one's own affairs without aid or influence.