In an Economy Like That of the US,due to a Variety

question 34

Multiple Choice

In an economy like that of the US,due to a variety of institutional and social factors,wages tend to be

• A)Very flexible
• B)Flexible during recessions
• C)Highly rigid
• D)Affected only by Congressional legislation
• E)Sticky

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Definitions:

Preferences

Economic term referring to the subjective tastes and desires that influence consumer choices and priorities.

Income

Payments regularly received for work done or money invested.

Prices

The amount of money required to purchase a good or service, indicating the value placed on it by the market.

Preferences

In economics, this refers to the subjective tastes and likes of individuals, which influence their choices among various goods and services.