An Increase in Labour Productivity ________ the Real Wage Rate

question 66

Multiple Choice

An increase in labour productivity ________ the real wage rate and an increase in population ________ the real wage rate.

• A)raises; lowers
• B)raises; raises
• C)lowers; lowers
• D)lowers; raises
• E)raises; does not change

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Definitions:

Effective Revocation

The successful cancellation or withdrawal of a legal right, offer, or agreement, communicated in a manner recognized by law.

Option Contract

A contract that gives the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price on or before a specified date.

Offeror's Estate

In contract law, refers to the handling of an offeror's outstanding offers after their death, focusing on whether these offers can still be accepted.

Silence

The absence of sound or the choice to refrain from speaking or making noise.