Keynes believed that
a. perceived that declines in real wages caused by price-level increases would be resisted by labor, whereas an equivalent fall in the real wage from a money wage cut would be accepted.
b. perceived that declines in real wages caused by price-level increases would be more readily accepted by labor than an equivalent fall in the real wage from a money wage cut.
c. workers preferred employment stability to wage stability.
d. would always be acceptable to labor.
e. both b and c.
B
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The pay-as-you-go nature of the Social Security system means that _____
a. current beneficiaries are paid out of general tax revenues b. current beneficiaries are paid out of the payroll taxes levied on current workers c. current beneficiaries are paid based on contributions made during their last five working years d. current beneficiaries are paid out of current earnings on the Social Security trust fund
It is likely that the owners have little to do with the day-to-day management of a firm in the case of
A) partnerships only. B) proprietorships only. C) corporations only. D) partnerships and corporations.