When Wages Are Increased

question 57

Multiple Choice

When wages are increased:

• A)reductions in employment may occur if the demand for labor is elastic.
• B)reductions in employment may occur if the demand for labor is perfectly inelastic.
• C)increases in employment may occur if the demand for labor is elastic.
• D)increases in employment may occur if the demand for labor is inelastic.
• E)both productivity and the standard of living increase as well.

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Definitions:

Traits

Enduring personal characteristics or qualities that influence an individual's behavior across different situations and time.

Physiological Processes

The functions and activities within living organisms that enable them to survive, grow, and reproduce.

Mental Activities

Cognitive operations or processes that involve thinking, reasoning, problem-solving, and processing information within the human brain.

Lower Needs

In Maslow's hierarchy, these refer to the more basic needs such as physiological and safety needs that must be met before higher-level needs can be addressed.