Largescale immigration into the New World, between 1870 and 1913 caused the real wages to:
a. decrease in comparison with Europe.
b. increase at a slower pace in comparison with Europe.
c. increase at a higher pace in comparison with Europe.
d. stay constant.
Ans: b. increase at a slower pace in comparison with Europe.
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Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer
a. $17 per hour. b. less than $17 per hour because some people would be willing to work for less. c. less than $17 an hour to prevent shirking. d. more than $17 per hour in order to attract a better pool of applicants.
The table above gives a nation's government outlays and tax revenues for 2012 through 2016. During which years did the country have a budget surplus?
A. 2012 and 2013 B. 2016 only C. 2015 only D. 2014 and 2016 E. all except 2015