A Usual Assumption in Real Business Cycle Models Is That

question 45

Multiple Choice

A usual assumption in real business cycle models is that the economy is populated by a group of identical individuals and the behavior of the group can then be explained in terms of the behavior of one individual,called a(n)

• A)maximizing agent.
• B)representative agent.
• C)republican agent.
• D)informative agent.
• E)democratic agent

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Definitions:

McClelland

Refers to David McClelland, a psychologist known for his work on motivation theory, which includes the needs for achievement, power, and affiliation.

Need Profiles

Individualized descriptions of the specific needs, desires, and motivations that drive a person's behavior.

Acquired Needs Theory

A theory that suggests individuals develop specific needs over their lifetime through experiences, which include the need for achievement, power, and affiliation.

Need For Achievement

A personal drive to excel or succeed in tasks, often indicative of motivation levels and goal-oriented behavior.