Related to the Economics in Practice on Page 222: If

question 48

Multiple Choice

Related to the Economics in Practice on page 222: If labor productivity increases and the supply of labor increases, the equilibrium wage rate

• A) will increase.
• B) will decrease.
• C) will remain constant.
• D) may increase, decrease, or remain constant.

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Definitions:

National Market

A domestic marketplace where goods, services, and financial instruments are traded within the boundaries of a specific country.

Railroads

A mode of land transportation consisting of a series of vehicles that run along railway tracks, pivotal in the industrialization process and expansion of many countries.

Time Zones

Geographic regions within which the same standard time is used.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.