Most economists reject the theory of rational expectations because
a. expectations adjust very quickly.
b. workers receive wage increases in advance of inflation.
c. the short-run aggregate supply curve is vertical.
d. labor contracts tend to embody past inflation rates.
d
Economics
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Which of the following is not a phase or turning point of the business cycle?
A) recession B) expansion C) shutdown D) trough
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The face value of a bond is
A) the price an individual pays to purchase the bond. B) the amount that the issuer will have to pay upon maturity. C) the market value of the bond. D) the rate of return on the bond.
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