Info
Warning
Danger

Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1445 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 36: DQ 1

DISCUSSION QUESTIONS

1. Distinguish between the short run and the long run as they relate to macroeconomics. Why is the distinction important?



Step-By-Step Solution

DISCUSSION QUESTIONS

1. Distinguish between the short run and the long run as they relate to macroeconomics. Why is the distinction important?

Answer: For macroeconomists the short run is a period in which wages (and other input prices) do not respond to price level changes. There are at least two reasons why nominal wages may remain constant for a while even though the price level has changed.

1. Workers may not be aware of price level changes, and thus have not adjusted their demands.

2. Many employees are hired under fixed wage contracts.

Once sufficient time has elapsed for contracts to expire and nominal wage adjustments to occur, the economy enters the long run a period in which nominal wages are fully responsive to changes in the price level.

The economy will adjust itself to a long-run equilibrium, but in the short run there may be a positive role for stabilization (fiscal and monetary) policy.



Unlimited Access

More than 10 Million Textbook Solutions, Q&A's, Flash Cards, Study Documents and much more for just
USD 3.95
Total: USD 3.95
*Please Enter the Email to Proceed
No obligation. Choose plans to save more.
Continue to Paypal
You will be charged USD 119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. Learn more about our subscriptions.

FAQ's

Gingerbread cookie pastry halvah
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Pastry gummies donut pastry
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Cake gummi bears cheesecake
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Brownie jelly-o pastry topping
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Tootsie roll cake chocolate
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.