When real wages decline, ______.
a. employers must fire workers
b. employers can hire more workers
c. workers have fewer job opportunities
d. workers have lower expenses
b. employers can hire more workers
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What best explains the pattern of bank collapses in the US?
a. The vast majority of banks closed early in the decade and the closing dropped significantly in the latter half of the decade. b. Banks collapsed consistently throughout the 1930s. c. The failure rate was relatively low early in the decade and grew steadily throughout the period.
The cost disease of the service sector is evidenced by
A. a failure of the market mechanism. B. increased quality of public and private services. C. dramatic increases in municipal budget burdens for education, health care, and police and fire protection. D. the increased productivity in the services area.