Which of the following is a valid explanation for real wage growth?
A. The rising cost of capital accumulation
B. A contraction of employment in manufacturing industries
C. An increase in the quantity of labor
D. A rising rate of labor productivity growth
D. A rising rate of labor productivity growth
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Refer to Figure 3.5. Answer the following questions about the game represented in the figure:
a. What type of game is represented by the payoff matrix? b. Does Donald have a dominant strategy, and if so, what is it? c. Does Donald have a dominant strategy, and if so, what is it? d. What is the cooperative solution? e. What is the Nash equilibrium?
If the level of unemployment is below the natural rate of unemployment, it would be expected that:
a. the short-run Phillips curve will shift leftward, as inflationary expectations adjust. b. the inflation rate will increase c. the inflation rate will decrease. d. the long-run Phillips curve will shift rightward, as inflationary expectations adjust.