According to Keynes, Wages Are Inflexible Because

question 73

Multiple Choice

According to Keynes, wages are inflexible because

• A)of the minimum wage set by government.
• B)of unions and long-term contracts.
• C)workers do not behave in their own self-interest.
• D)the economy is never in the long run.

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Definitions:

Frustration

The feeling people get when goals they are trying to attain are blocked.

Aggression

Behavior intended to harm or intimidate others, which can be physical or verbal, and is often a response to frustration or perceived threats.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a feeling of contempt for other cultures.

Prejudice

An unfounded or biased preconception or attitude towards individuals or groups based on characteristics like race, gender, or social status.