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Author Question: If a large number of laborers shift from fixed-wage contracts to wages that depend on the cost of ... (Read 60 times)

roselinechinyere27m

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on: Jun 30, 2018
If a large number of laborers shift from fixed-wage contracts to wages that depend on the cost of living adjustments, the long-run aggregate supply curve for the economy will become relatively steeper.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

What is the difference between a hypothesis and a theory?


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blakcmamba

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Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

A hypothesis about behavior is the first step in developing and constructing a theory. A hypothesis is testable and makes a prediction about behavior in response to changed circumstances. If a hypothesis is shown to be consistent with real-world data, it can be tentatively accepted as an economic theory.


roselinechinyere27m

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Reply 2 on: Jun 30, 2018
Gracias!

flexer1n1

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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