In the Short Run

question 30

Multiple Choice

In the short run:

• A) money is not neutral.
• B) there is no trade-off between inflation and unemployment.
• C) the inflation and unemployment rates are zero.
• D) steady-state growth is a constant 2 percent.
• E) there is constant tension between inflation and unemployment.

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Definitions:

Years Of School

The total number of years that an individual has formally attended educational institutions, including both primary and secondary education.

Legacy Factor

The influence of historical achievements or status on present circumstances, often affecting an entity's reputation, opportunities, or resources.

Affirmative Action

A policy that gives preference to women or minority group members if equally qualified people are available for a position, thus compensating for past discrimination.

Professionalization

Takes place when members of an occupation insist that people earn certain credentials to enter the occupation. Professionalization ensures standards and keeps professional earnings high.