Economic Questions 2, 3, and 4What is the correct answers for these three econ questions? QUESTION 22.A.B.CDB3A.B.CDQUESTION 3AReal wages would rise if the:Prices of goods and services rose more rapidly than nominal-wage ratesPrices of goods and services rose less rapidly than nominal-wage ratesPrices of goods and services and wage rates both rosePrices of goods and services and wage rates both fellACritics of the minimum wage argue that an increase in the minimum wage rate above the equilibrium rate of a purely competitive labor market would:Increase unemployment in the labor marketIncrease firms' demand for laborDecrease the supply of laborCause firms to substitute labor for capitalQUESTION 44. Which of the following has not been a major factor contributing to the high productivity of labor in the United States?A. High wage ratesB. Technological advancementC. Education and training of workersD. High levels of capital investment

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2. A. B. C. D. Real wages would rise if the: Prices of goods and services rose more rapidly than nominal-wage rates Prices of goods and services rose less rapidly than nominal-wage rates Prices of goods and services and wage rates both rose Prices of goods and services and wage rates both fell

2. A. B. C. D. Real wages would rise if the: Prices of goods and services rose more rapidly than nominal-wage rates Prices of goods and services rose less rapidly than nominal-wage rates Prices of goods and services and wage rates both rose Prices of goods and services and wage rates both fell

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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