Important steps in the growth of the wage-labor system of the North in the early 19th century include which of the following?
(a) The advancement of many of the old skilled crafts and apprenticeship systems by the factory system
(b) The fall in the demand for unskilled labor created by transportation improvements
(c) The complication of work tasks in the factory, which allowed the use of women and child labor
(d) Large-scale migration to the U.S. of relatively unskilled workers who sought jobs in the cities and factories
(d)
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In the figure above, when the price rises from $3 to $4, the price elasticity of demand is
A) 1.4. B) 2. C) 0.71. D) 0.4. E) 1.
Smith's income was $50,000 in year 1 and $55,600 in year 2. The CPI was 114 in year 1 and 124 in year 2. What was the approximate percentage change in Smith's real income between the two years?
A) -2.2 percent B) +3.4 percent C) -1.7 percent D) +5.6 percent E) +2.2 percent