In the Keynesian Model

question 6

Multiple Choice

In the Keynesian model,

• A)the short-run aggregate supply slopes upward because of price misperception by firms.
• B)the short-run aggregate supply slopes upward because the actual price may be different from the expected price during the term of wage contract.
• C)the short-run aggregate supply is horizontal because of price misperception by firms.
• D)the short-run aggregate supply is horizontal because the actual price may be different from the expected price during the term of wage contract.

Analyze the role of human resource management in aligning organizational and employee goals through performance review and job specification.

Understand the significance of comprehensive job descriptions and specifications in the recruitment and selection process.

Recognize the importance of aligning human resource planning with overall organizational strategies.

Acknowledge the challenges in recruitment and the role of technology in modern hiring practices.

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Definitions:

Price Level

The price level represents the average of the current prices of goods and services in an economy, often measured by a price index.

Domestic Prices

The cost of goods and services within a country's borders, influenced by local demand, supply, taxes, and subsidies.

Real Exchange Rate

The ratio at which a country's currency can be traded for another country's currency, adjusted for inflation differences between the two countries.

Appreciated

An increase in the value of an asset or currency over time, typically due to market dynamics such as demand and supply.