A Study Published in 2011 by the OECD Noted That

question 75

Multiple Choice

A study published in 2011 by the OECD noted that:

• A) the real household income of the unskilled workers in the U.S. 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) 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:

Opportunity Cost

The worth of the best alternative option given up due to a decision made.

Production

The method of merging different material and immaterial inputs, such as plans and expertise, to produce something that can be consumed.

Opportunity Cost

The penalty for not embracing the immediate subsequent advantageous alternative when choosing.

Coffee

A brewed drink prepared from roasted coffee beans, which are the seeds of berries from the Coffea plant.