The Phillips Curve Describing an Economy Takes the Form U $\alpha$

question 40

Multiple Choice

The Phillips curve describing an economy takes the form u = uⁿ - $\alpha$ ( $\pi$ - E $\pi$ ) . The central bank directly sets the inflation rate to minimize the following loss function, L(u, $\pi$ ) = u + $\gamma$ $\pi$ ². The symbol u denotes the unemployment rates, uⁿ is the natural rate of unemployment, $\pi$ is the inflation rate, E $\pi$ is the expected inflation rate, and $\alpha$ and $\gamma$ are behavioral response parameters of the economy. Private agents form their expectations rationally before the central bank sets the inflation rate. The optimal inflation rate when the central bank operates using a fixed rule will be ______. The optimal inflation rate when the central bank operates with discretion will be ______.

• A) uⁿ; 0
• B) 0; uⁿ
• C) 0; \(\alpha\)/(2\(\gamma\))
• D) \(\alpha\)/(2\(\gamma\)); 0

Acknowledge the importance of self-awareness in cultural beliefs and assumptions in the counseling process.

Examine research findings on racial/ethnic differences in career dreams and expectations among children.

Understand and articulate the policies and visions of the NCDA for career development.

Describe the types of clients served by Community Career Development Centers.

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Definitions:

Menstrual Cycle

The regular natural change that occurs in the female reproductive system that makes pregnancy possible.

Adolescence

The transitional stage of development between childhood and adulthood, characterized by physical, psychological, and social changes.

Sexuality

Encompasses sexual feelings, thoughts, attractions, and behaviors towards other people.