Which of the following is a recent trend in the labor market?
A) Low-skilled workers have lost jobs.
B) The demand for high-skilled labor has increased as technology has increased.
C) The wages of high-skilled labor have decreased.
D) The marginal productivity of low-skilled workers has increased.
B
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Which of the following statements refers to the wage-price spiral process?
(A) The salary of a worker fluctuates with the amount of sales he or she accomplishes per month. (B) Employees only receive a raise when their purchasing power has been eroded by inflation. (C) An employee loses his or her job, finds a position at another company, and is underemployed. (D) A worker receives a raise, which increases costs for the employer.
When total product is decreasing, marginal product is
A) positive and increasing. B) positive and decreasing. C) constant. D) negative.