According to the original Keynesian model, there would be counter-cyclical movements of the real wage rate in response to changes in aggregate demand because
A) firms react to nominal wages and workers respond to real wages.
B) firms react to real wages and workers respond to the expected real wage.
C) firms are on their labor demand curve and workers are off their labor supply curve.
D) firms are off their labor demand curve and workers are on their labor supply curve.
C
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A scientist who is studying earthquakes includes the impact of wind when performing some tests of damages to structures. This is an example of
A) failing to understand how to do scientific methodology. B) irrational behavior in noneconomic situations. C) accounting for every possible phenomena that may effect the problem under examination. D) failing to hold all other things constant.
The two major trading partners of the United States are
a. Germany and Mexico b. Mexico and Canada c. Japan and Canada d. Canada and Brazil e. Brazil and Japan
Economic development encompasses which of the following measures?
a. The political environment b. All of the answers are correct. c. Education d. Economic growth
“To be sure, any theoretical model must be abstracted ‘from the richness and complexity of behavior.’ However, abstraction becomes falsification when it so simplifies human behavior as to leave it unrecognizable and unexplained.” Explain
Please provide the best answer for the statement.