Table 22 Workers in the Widget Industry -According to Table 2

question 7

Multiple Choice

Table 2.2 Workers in the Widget Industry
$$\begin{array} { l c r } \hline \text { Year } & \text { Earnings } & \text { CPI } \\\hline 1966 & \$ 8,000 & 60 \\1976 & \$ 15,000 & 100 \\1986 & \$ 22,500 & 178 \\1996 & \$ 30,000 & 205 \\\hline\end{array}$$
-According to Table 2.2,in which year were the real earnings of workers in the Widget Industry highest?

• A) 1966
• B) 1976
• C) 1986
• D) 1996

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Definitions:

Say's Law

An economic theory stating that supply creates its own demand, suggesting that producing goods and services generates the means and the willingness to purchase other goods.

Demand-Oriented

Demand-Oriented is an approach or policy focused on increasing consumer demand to stimulate production and economic growth.

Aggregate Supply

The overall quantity of goods and services that businesses in an economic system aim to sell within a certain period.

Classical Macroeconomic Theory

Classical macroeconomic theory is an economic framework that emphasizes the importance of free markets, suggesting economies are self-regulating systems that automatically adjust to achieve full employment.