If There Is a Shortage of Farm Laborers,we Would Expect

question 60

Multiple Choice

If there is a shortage of farm laborers,we would expect

• A)the wage of farm laborers to increase.
• B)the wage of farm laborers to decrease.
• C)the price of farm commodities to decrease.
• D)a decrease in the demand for substitutes for farm labor.

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Definitions:

Standard Of Living

A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Economic Growth

A rise in the economic power to produce goods and services when comparing distinct periods.

Capital Formation

The process of accumulating assets and investments that are used for future production or economic growth.