Economic theory suggests that the standard of living of American workers would rise if
a. technological change increased output per worker.
b. the minimum wage were doubled.
c. automation were outlawed.
d. a larger proportion of the labor force was unionized.
A
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The pauper labor theory, and the exploitation argument
A) are theoretical weaknesses that limit the applicability of the Ricardian concept of comparative advantage. B) are theoretically irrelevant to the Ricardian model, and do not limit its logical relevance. C) are not relevant because the Ricardian model is based on the labor theory of value. D) are not relevant because the Ricardian model allows for different technologies in different countries. E) invalidate the Ricardian model.
Price ceilings keep market price
A. above the equilibrium price and create surpluses. B. above the equilibrium price and create shortages. C. below the equilibrium price and create surpluses. D. below the equilibrium price and create shortages.