Prices and Wages Tend to Be

question 221

Multiple Choice

Prices and wages tend to be

• A) flexible both upward and downward.
• B) inflexible both upward and downward.
• C) flexible downward but inflexible upward.
• D) flexible upward but inflexible downward.

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Definitions:

Socioeconomic Status

An aggregate measure of an individual or family's economic and social position relative to others, based on income, education, and occupation.

Generalized

The process by which conclusions are drawn from specific instances to broader contexts or situations.

External Validity

The scope of applicability of research results to different settings and to a wider audience.

External Validity

The extent to which the findings of a study can be generalized to other settings, populations, or times.