According to the Keynesian model with fixed money wages, real wages should be
a. negatively correlated with changes in output.
b. positively correlated with changes in unemployment.
c. negative correlated with changes in the price level.
d. fixed as well.
e. both a and c.
Question 2
The Mokyr-DeCanio thesis states that real wages of Northern workers lagged behind price increases during the Civil War (18611865), thus shifting to the workers themselves a major part of the war's cost.
Indicate whether the statement is true or false
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