A Study Published in 2011 by the OECD Noted That

question 17

Multiple Choice

A study published in 2011 by the OECD noted that:

• A) the real household income of the unskilled workers in the United States increased more in comparison to that of the skilled workers.
• B) in almost all countries real income levels declined over the 20-year period studied.
• C) the falling unemployment rates brought gains to low-wage workers and fairly broad-based wage growth.
• D) the gap between the poorest and richest segments of society in some OECD countries had widened.

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.

Efficient

Characterizes a system or process that achieves its goals with minimal waste of time, resources, or effort.

Unattainable

Something that cannot be achieved or reached, often used in the context of goals or objectives that are beyond reach due to current limitations.

Outward Shift

An increase in the production capacity of an economy, often represented as an outward movement on a graph.