Economic theory suggests that the standard of living of American workers would rise if
a. the minimum wage were doubled.
b. automation were outlawed.
c. workers were forced to retire earlier.
d. technological improvements increased output per worker-hour.
D
You might also like to view...
After the September 11, 2001 attacks on the World Trade Center, the supply of downtown office space in Manhattan was dramatically reduced. Forecasters predicted that the equilibrium price would rise, but in fact the price fell
What are some factors that could explain the fall in the equilibrium price, which the forecasters failed to take into account? A) Demand for office space fell due to quality-of-life concerns. B) The economic slowdown caused demand for office space to fall. C) both A and B D) none of the above
Which of the following is not another way of describing the marginal propensity to consume?
a. MPC b. The slope of the consumption function c. The change in real consumption spending divided by the change in real disposable income d. The amount by which real consumption spending rises when real disposable income increases by one dollar e. Autonomous consumption spending