Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 9, Problem 4CQ
To determine
Identify the impact on the real wages and the level of the employment due to a price level higher than the anticipated level.
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Do you think it is rational for workers to prefer sticky wages to wage cuts, when the consequence of sticky wages is unemployment for some workers? Why or why not? How do the reasons for sticky wages explained in this section apply to your argument?
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If output is below its natural rate, there will be pressure for wages to __________ because unemployment is ____________.
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Macroeconomics: Private and Public Choice (MindTap Course List)
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