Suppose the Economy Is Initially in Long-Run Equilibrium

question 38

Multiple Choice

Suppose the economy is initially in long-run equilibrium.Which of the following events leads to a decrease in the price level and an increase in real GDP in the short run?

• A)a decrease in health insurance premiums paid by firms raises the cost of employing labor
• B)an increase in government transfer payments
• C)an increase in the cost of a key input such as oil
• D)a sharp fall in stock market prices

Acknowledge the significance of the historical perspective in understanding current management practices.

Identify the key functions of management as outlined by classical theorists.

Understand the impact of the human relations movement and labor unions on management practices.

Grasp the concept of scientific management and its influence on modern management.