The Productivity and Real Wages of Workers in Industrially Advanced

question 63

Multiple Choice

The productivity and real wages of workers in industrially advanced economies have risen historically partly because

• A) workers have acquired less education and training over time.
• B) workers have been able to use larger quantities of capital equipment.
• C) over time, the capital equipment used by workers has deteriorated in quality.
• D) the supply of labor has increased.

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Definitions:

Scarce Resources

Resources that are limited in supply and cannot fulfill all the uses and demands placed on them.

Virtually Unlimited

A term used to describe a resource or supply that is so abundant it appears to be almost without limit.

Scarcity and Choice

Refers to the fundamental economic problem of having unlimited human wants in a world of limited resources, leading to the necessity of making choices on how to allocate resources efficiently.

Economic Decision

A choice made by individuals, businesses, or governments that involves the allocation of resources, considering the costs and benefits to optimize outcomes.