An Employee Gains Work Experience by Staying in a Job

question 126

Multiple Choice

An employee gains work experience by staying in a job for a long period of time. What would an economist expect to happen to this employee's wages?

• A) Wages would increase as experience is gained.
• B) Wages would decrease as experience in gained.
• C) Wages would increase but then decrease over time as experience is gained.
• D) Wages would decrease but then increase over time as experience is gained.
• E) Experience would have no effect on wages.

Understand the importance and methods of programming PLCs.

Identify the significance of input and output devices in a PLC system.

Appreciate the advantages of using PLCs over traditional control systems.

Conceptualize how human-machine interfaces (HMIs) work in conjunction with PLCs.

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Definitions:

Automatic Stabilizers

Economic policies and programs, such as unemployment insurance and progressive taxes, that automatically adjust to stabilize economic fluctuations.

Business Cycle

The natural rise and fall of economic growth over time, characterized by periods of expansion, peak, contraction, and trough.

Federal Government

The national government of a federal country, where powers are divided between central authority and constituent political units, such as states or provinces.

Discretionary Fiscal Policy

Government policy actions that involve changing government spending and taxation in order to influence the economy.