In the 1850s, the growth rate of real wages in U.S. manufacturing slowed to nearly zero because
a. the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period.
b. the demand for manufacturing labor and the supply of manufacturing labor decreased by approximately the same amount during this period.
c. the demand for manufacturing labor increased more rapidly than the supply of manufacturing labor during this period.
d. the demand for manufacturing labor increased while the supply of manufacturing labor decreased during this period.
a. the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period.
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The symmetry principle states that
A) the poorest person must be made as well off as possible. B) income should be transferred from the rich to the poor up to the point of complete equality. C) resources should be common property. D) people in similar situations must be treated similarly.
What is meant by aggregation? Why is aggregation important for macroeconomic analysis?
What will be an ideal response?