By 1900, the Average Yearly Income of American Workers

question 69

Multiple Choice

By 1900, the average yearly income of American workers

• A)was about $600.
• B)allowed most workers to maintain a reasonably comfortable standard of living.
• C)remained generally unaffected by economic boom-and-bust cycles.
• D)All the answers are correct.
• E)None of the answers are correct.

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Definitions:

Collusive Behavior

Actions among firms to limit competition, set prices, or otherwise interfere with free market operations, often illegally or in secret.

Cartel

An association of independent businesses organized to regulate production, pricing, and marketing of goods by the members to monopolize a market.

Economic Efficiency

A state where resources are allocated in a manner that maximizes the production of goods and services without wasting any resources.

Economies of Scale

Financial advantages gained by firms due to their operational size, where a greater volume of production usually correlates with a lower cost for each output unit.