Skilled labor commanded a higher wage than unskilled labor in both the U.S. and Europe between 1789 and 1860 . However, skilled wages in the U.S. were higher, on average. A higher land to labor ratio in the U.S
can explain the higher wage rates of skilled workers in the U.S. Indicate whether the statement is true or false
True
You might also like to view...
The nation of Futura has an actual capital-labor ratio which is in steady state. Futura will experience
A) no growth from convergence and the economy will remain on its balanced growth path. B) positive growth from convergence to keep the economy on its balanced growth path. C) positive growth from convergence, but the growth will be less than the balanced growth rate in order to remain on its balanced growth path. D) negative growth from convergence to offset the increase in the balanced growth rate in order to remain on its balanced growth path.
The farther an indifference curve lies from the origin ________
A) the greater the level of individual income B) the lower its utility C) the lower the level of individual income D) the higher its utility