Real Wages in the United States Are

question 212

Multiple Choice

Real wages in the United States are

• A) the highest in the world.
• B) relatively high, but not as high as in some other industrially advanced nations.
• C) much higher than output per worker.
• D) higher than nominal wages.

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Definitions:

Total Revenue

The total income received by a firm from its sales of goods or services, calculated as the quantity sold times the price per unit.

Price Lowered

A decrease in the cost of a good or service to consumers.

Price Elasticity

A measure of the responsiveness of quantity demanded or supplied of a good to a change in its price.

Quantity Demanded

The quantity of a good that consumers are willing and able to purchase at a given price over a specified period of time.