The main reason for the decline in real wages in the 1970s and 1980s was our __________.
Fill in the blank(s) with the appropriate word(s).
low rate of productivity growth
You might also like to view...
Which of the following is not true for the GDP deflator?
A. It typically reveals a lower inflation rate than the CPI. B. It refers to all goods and services produced in GDP. C. It reflects both price changes and market responses. D. It is based on a fixed basket of goods and services.
Marginal cost pricing in competitive markets results in all but which one of the following?
A. Maximization of consumer utility. B. An efficient mix of goods and services being produced. C. Output being produced where price equals the opportunity cost of the last unit being produced. D. The information necessary for consumers to make rational choices between alternative goods and services.