The Shortened Work Week Coupled with Rising Hourly Wages in the U.S.economy

question 53

Multiple Choice

The shortened work week coupled with rising hourly wages in the U.S.economy shows that

• A)the income effect has been dominant.
• B)the substitution effect does not exist at all.
• C)the U.S.worker is no longer productive.
• D)workers have become increasingly lazy.

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Definitions:

Input

Resources used in the production process of goods and services, including raw materials, labor, and capital.

Decreasing Returns

A concept in economics where each additional unit of input results in a progressively smaller increase in output, often observed in production processes.

Marginal Product

The additional output that is produced by using one more unit of a particular input while holding other inputs constant.

Factor

An element or component, such as land, labor, and capital, that is used in the production of goods and services.