Which Furniture Production Process Would Have the Highest Wage Rates

question 138

Multiple Choice

Which furniture production process would have the highest wage rates?

• A)furniture made by handsaw and hammer 
• B)furniture made with power equipment 
• C)furniture made by grade school-educated workers 
• D)furniture made in an automated furniture factory

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Definitions:

Normative Economics

A branch of economics that focuses on what ought to be or what should happen, often involving judgments and prescriptions for economic policy.

Positive Economics

A branch of economics that seeks to describe and explain the economy as it actually is, without making judgments about its effectiveness.

Judgments

Decisions or conclusions reached after consideration, often in a legal context or in personal assessment.

Empirical Economics

The branch of economics that focuses on using data and statistical methods to analyze and test economic theories.