In the 1990s and Early 2000s, the Gap Between the Wages

question 94

True/False

In the 1990s and early 2000s, the gap between the wages of skilled workers and unskilled workers in the United States decreased.

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Definitions:

Unity

In economic terms, unity can refer to a sense of agreement or cohesion among members of a market or organization, striving towards common goals or values.

Inelastic

Characterizes a condition in which the demand for a good or service is relatively unresponsive to changes in its price.

Elasticity of the Demand

A measure of how the quantity demanded of a good responds to a change in its price.

Technological Changes

Innovations or improvements in technology that enhance productivity, efficiency, or quality in the production of goods and services.