Real Wages in the United States in the Long Run

question 151

Multiple Choice

Real wages in the United States in the long run

• A)show no discernible relationship to output per worker.
• B)have increased at about the same rate as increases in output per worker.
• C)have increased slower than increases in output per worker.
• D)have increased faster than increases in output per worker.

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Definitions:

Economic Downturn

a period of poor economic performance across a country or globally, characterized by reduced consumer spending, business investment, and employment.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Perfect Substitutes

Identical products.

Complements

Goods or services that are consumed together because the use of one increases the value or demand for the other.