-The Trends Displayed in the Table Can Best Be Explained

question 5

Multiple Choice

-The trends displayed in the table can best be explained by

• A)the nominal wage rate has increased at a rate about equal to the inflation rate.
• B)the real wage rate has increased at a rate about equal to the inflation rate.
• C)service industries have increased as a proportion of the economy and they tend to have higher nominal wage rates.
• D)the inflation rate has been rising over the time period.
• E)None of the above can explain the trends in the figure.

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Definitions:

Legal Justification

The basis under law that explains or defends why an action is considered legal or right.

Cost-benefit

A systematic approach to estimating the strengths and weaknesses of alternatives used to determine the best option through the evaluation of costs and benefits.

Past Oriented

A perspective or approach that places emphasis on traditions, history, and values from the past in decision making and lifestyle.

Retributivist

A philosophy of punishment where the focus is on the offender receiving a punishment proportional to the crime committed, based on the principle of just desert.