Wages for Low-Skilled Positions Are Typically Higher in Developed Countries

question 64

Multiple Choice

Wages for low-skilled positions are typically higher in developed countries than wages for identical positions in less-developed countries. Which of the following explains why this is the case?
I. There is a greater supply of low-skilled labor in less-developed countries.
II. There is a greater demand for low-skilled labor in developed countries.
III. There is a greater demand for low-skilled labor in less-developed countries.

• A) I only
• B) I and II only
• C) I and III only
• D) II only

Calculate real wages in the context of inflation and understand their economic implications.

Describe the characteristics and impact of winner-take-all markets.

Analyze the effects of productivity growth on real wages.

Understand the role and impact of the minimum wage in the labor market.

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