Figure 20-3 -As Hourly Wages Have Risen in the United States in United

question 260

Multiple Choice

Figure 20-3
-As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has

• A)fallen.
• B)stayed roughly constant.
• C)risen.
• D)generally risen, but has fallen during periods of recession.

Analyze the interaction between federal troops and strikes such as the Pullman Strike.

Understand the concept of allocative and productive efficiency in economic production.

Identify the characteristics and outcomes of different industry structures such as constant-cost, increasing-cost, and decreasing-cost industries.

Recognize the conditions under which economic profits are realized and how they influence firm behavior and market entry or exit.

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Definitions:

Prudent Risk Management

The process of identifying, assessing, and prioritizing risks followed by coordinated application of resources to minimize, monitor, and control the probability or impact of unforeseen events.

Wage, Rent

Wage refers to the payment to labor for its contribution to production, while rent is the payment for the use of land or property.

Entrepreneurial Ability

The human resource that combines the other economic resources of land, labor, and capital to produce new products or make innovations in the production of existing products; provided by entrepreneurs.