The Real Wages of Workers Will Tend to Be High

question 10

Multiple Choice

The real wages of workers will tend to be high when

• A) output per worker is high.
• B) capital is scarce.
• C) industries are automating at a slow rate.
• D) profits are low.

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Definitions:

Pareto Optimality

A distribution of resources where no one can be made better off without causing detriment to at least one other person.

Utilities Possibilities Frontier

A graphical representation that shows the maximum number of goods or services that two countries can produce using their resources efficiently.

Efficient

Achieving maximum productivity with minimum wasted effort or expense; effectively utilizing resources.

Equitable

Fair and impartial treatment or distribution, often in the context of socio-economic policies.