When an individual weighs her options and makes a choice that maximizes her benefit at the minimum cost, economists refer to this as a process of
a. rational decision making.
b. objective decision making because the value of goods is determined objectively.
c. marginal management analysis.
d. random decision making.
A
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New classical economists believe that wages are inflexible
a. True b. False Indicate whether the statement is true or false
Assuming that all other things are equal, including the wage, which of the following statements is correct?
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Assume expectations of prices are correct but expectations of productivity adjust slowly. Use the PS/WS relations, graphically illustrate and explain the effects of a decrease in productivity growth on the natural rate of unemployment
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