According to the Real Business Cycle Theory, Technological Advances

question 244

Multiple Choice

According to the real business cycle theory, technological advances

• A) increase the marginal product of labor, which causes real wages and output to decline.
• B) decrease the marginal product of labor, which causes real wages and output to increase.
• C) increase the marginal product of labor, which causes real wages to increase and output to decline.
• D) increase the marginal product of labor, which causes real wages and output to increase.

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Definitions:

Poisson Random Variable

Represents the number of events occurring within a fixed interval of time or space, assuming these events happen at a constant rate and independently of the time since the last event.

Expected Value

The expected value is the long-run average value of repetitions of an experiment it represents, often used in probability and statistics.

Poisson Distribution

A probability distribution that represents the likelihood of observing a certain number of events within a specified time or space interval.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming these events occur with a known constant rate and independently of the time since the last event.