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This Theory Views Shocks to Tastes (Workers' Willingness to Work,for

question 74

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This theory views shocks to tastes (workers' willingness to work,for example) and technology (productivity) as the major driving forces behind short-run fluctuations in the business cycle because these shocks lead to substantial short-run fluctuations in the natural rate of output.


Definitions:

Job Simplification

The process of breaking down jobs into their simplest components to improve efficiency and reduce complexity.

Highly Standardized

Pertains to products, processes, or systems that strictly adhere to established norms and specifications to ensure uniformity and consistency.

Rubber Hoses

Flexible tubes constructed from rubber used for conveying liquids or gases under pressure.

Task Variety

The degree to which a job includes a variety of different activities requiring different skills and talents.

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