Real Wages in the United States Are

question 155

Multiple Choice

Real wages in the United States are

• A)the highest in the world.
• B)relatively high, but not as high as in some other industrially advanced nations.
• C)much higher than output per worker.
• D)higher than nominal wages.

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Definitions:

Nonexcludable

A characteristic of a good or service that prevents individuals who have not paid for it from being easily excluded from its consumption or use.

Nonrival

A characteristic of goods where one person's consumption does not diminish the ability of others to consume the same good.

Social Costs

The total cost to society, including both the private costs borne by producers and also any external costs to others not involved in the transaction.

Social Benefits

The aggregate advantage to society derived from the production or consumption of a product, encompassing both individual benefits and any additional external advantages.