False. it does not always have to. i burned mine. lol
Answer:
We need to know if the price level is changing or not.
Explanation:
If the economy is at the potential output and the quantity of aggregate output supplied increases, we need to know if this increase is because of an increase in the price level.
If the aggregate price level is increasing then there will be a movement on the SRAS curve. If the increase in quantity supplied is because of a rightward shift in the LRAS curve, the price level will remain the same.
Also, if the quantity supplied goes back to its original level, in the long run, it implies that the increase in output was because of a short run movement.
Solution :
In the context, it is given Alex and J.J. both are applying for a job openings in a law firm at Chicago. Both of them got the job offer but J.J. got lower salary than Alex. The salaries are different for both J.J and Alex. Some of the possible explanations for the difference in salaries that may be related to some scenarios are :
- Alex went to higher tier law school ---- difference in education
- J.J. is reentering the workforce after two years away --- difference in experiences.
- Alex will be working with a notoriously difficult boss --- compensating differentials.
- Alex is a man and J.J. Is a woman --- economic discrimination.
Answer:
Social Cognitive Perspective.
Explanation:
This theory focuses on how we interact with our environment. Is the believing of the capability of oneself of successfully performing certain behaviors or reaching certain goals. Behavior is influenced by the interaction between our traits (including our thinking) and our social context.
Perspective stating that understanding personality involves considering the situation and thoughts before, during, and after an event.
The three main factors are:
- Thoughts
: The interaction between the person and their behaviour is influenced by their thoughts and actions.
- Environment
: The interaction between the person and environment involves beliefs and cognitive competences developed and modified by social influences.
- Behaviors: The interaction between the environment and their behaviour involves the person´s behaviour determining their enviroment, which in turn, affects their behaviour.
Answer:
According to the economists, the resources are scarce and human wants are unlimited. So, it is difficult to satisfy each and every want of people. But according to the theory of abundance, we can overcome from this problem by division and specialization of labor. If there is a proper division of labor according to their specialization then this will increase the productivity and one can produce more goods with the same level of resources.
From this economic practice, we can overcome from the problem of scarce resources.
