In an Effort to Discover Whether or Not Workers Understand

question 76

Multiple Choice

In an effort to discover whether or not workers understand inflation, economist Robert Shiller conducted a survey. When asked about the effect of general inflation on their wages or salary, the most popular response coming from workers was:

• A) "My wages usually catch up to rising prices within a year."
• B) "The price increase will create extra profit for my employer.... There will be no effect on my pay."
• C) "My wages have always increased by more than the rate of inflation."
• D) None of the above is correct.

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Definitions:

Business Analysis

The practice of identifying business needs and determining solutions to business problems through analysis and problem-solving strategies.

Environmental Scanning

The process of collecting, analyzing, and using information about trends, events, and relationships in an entity's external environment to assist in planning the entity's future course of action.

New-product Development Process

A series of steps that businesses follow to conceptualize, design, and bring a new product to the market, from initial ideation to commercialization.

Open Innovation

The practice of sourcing ideas, insights, and solutions from outside an organization to drive innovation.