Economic Insights What Is the Best Description of Northern Wages

question 26

Multiple Choice

Economic Insights What is the best description of Northern wages from 1860-1864?

• A) A relatively large decrease in demand relative to the decrease in supply led to lower wages and fewer people working.
• B) An increase in the demand for labor and decrease in the supply of labor led to
• C) Increases in both the demand and supply for labor led to more people employed who were working for about the same wages.
• D) A decrease in the demand for labor coupled with an increase in the supply led to many fewer people working, but those who were employed worked for higher wages.

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Definitions:

Financial Transaction

A financial transaction refers to an agreement, or communication between a buyer and seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals.

Unearned Revenue

Income received by an entity for services yet to be rendered or goods yet to be delivered; also known as deferred revenue.

Liability

Any type of financial debt or obligation that a company or individual owes to another party.

Products Or Services

The outcomes of a business process or activity, which include tangible goods and intangible deliveries provided to meet customer needs.