If Wages for a Certain Type of Labor Were Higher

question 51

Multiple Choice

If wages for a certain type of labor were higher in one market than in another,then

• A) the differential would exist into the long run.
• B) labor would move from the high wage market to the low wage market until wages were equal.
• C) labor would move from the low wage market to the high wage market until wages were equal.
• D) firms would not be acting as profit maximizers.

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Definitions:

Eighteenth Century

The century spanning from 1701 to 1800, marked by the Enlightenment, rising colonial empires, and significant advancements in science and philosophy.

Protestants

Members of the branch of Christianity that originated with the Reformation, a movement against what its followers considered to be errors in the Roman Catholic Church.

American Colonies

The territories in the New World that were controlled by European nations, particularly Britain, before gaining independence to become the United States of America.

Jacob Leisler

A German-American merchant and militia officer who led Leisler's Rebellion in the Province of New York from 1689 to 1691, challenging the authority of the English monarchy.