A Study by the OECD,whose Members Include the 20 Richest

question 80

Multiple Choice

A study by the OECD,whose members include the 20 richest economies in the world,noted all of the following except:

• A)the gap between the poorest and richest segments of society in some OECD countries widened.
• B)in almost all countries real income levels rose over the 20-year period studied.
• C)falling unemployment rates brought gains to low-wage workers and fairly broad-based wage growth.
• D)the gap between rich and poor had narrowed in all OECD countries.

Identify the characteristics and examples of modern corporations and their business strategies such as vertical integration.

Comprehend the economic disparities and social structures resulting from industrialization, including the concept of an American aristocracy based on wealth inequality.

Understand the demographic shifts and labor dynamics of the period, including the major sources of labor and the conditions under which they worked.

Analyze the motivations and effects of immigration to the United States during this period.

---

Definitions:

Profit-maximizing Equilibrium

A state in which a firm achieves the highest possible profit, given its production costs and market conditions.

Appliance Manufacturer

A company that produces electrical machines and devices for domestic use.

Variable Resources

Inputs or factors of production that can be adjusted in the short term to meet changes in the level of output, such as labor and raw materials.

MRPs

Marginal revenue products, a measure of the additional revenue generated by employing an additional unit of a resource or factor of production.