Which of the following assumptions is crucial to the classical model but not the Keynesian model?
A: The real wage always equals the marginal product of labor.
B: Real wages are perfectly flexible.
C: Nominal wages are perfectly flexible.
D: Monetary policy primarily affects aggregate demand.
A: The real wage always equals the marginal product of labor.
B: Real wages are perfectly flexible.
C: Nominal wages are perfectly flexible.
D: Monetary policy primarily affects aggregate demand.
举一反三
- Which of the following statements is correct? A: The value of the marginal product curve is the labor demand curve for competitive, profit-maximizing firms. B: A competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage. C: By hiring labor up to the point where the value of the marginal product of labor equals the wage, the firm is producing where price equals marginal cost. D: All of the choices are correct.
- Which of the following will increase the marginal product of labor in the labor market? A: An increase in the price level and the money wage. B: An increase in the real wage. C: A decrease in the capital stock. D: An increase in the supply of labor.
- The AS-curve is horizontal or very flat if A: additional resources (especially labor) can be hired to produce additional output with little or no increase in existing prices B: wages fall rapidly with an increase in unemployment, reducing spending and income to restore equilibrium C: firms lower wages less than prices to avoid a loss in profit during a recession D: the nominal wage adjustment occurs fairly rapidly E: nominal wages and prices always change proportionally, leaving the real wage rate unchanged
- Iron and steel are flexible. But they are not as flexible ______ rubber. A) as C) to B) for D) by A: Iron and steel are flexible. But they are not as flexible ______ rubber. B: as C: for D: to E: by
- Because the productivity of labor decreases as the quantity of labor employed increases, A: the quantity of labor a firm demands increases as the real wage rate decreases. B: the quantity of labor a firm demands increases as the money wage rate decreases. C: the labor demand curve shifts right as the real wage rate decreases. D: the aggregate production function shifts upward as the real wage rate decreases.