1) Which of the following is a valid explanation for rising wages? A) reductions
ID: 1210446 • Letter: 1
Question
1) Which of the following is a valid explanation for rising wages?
A) reductions in the capital available to workers
B) a reduction in the demand for goods produced by labor
C) an increase in the supply of labor
D) increases in labor productivity
2 Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question.
Workers
Total Output per Day
Price of Good
2
10
$ 10
3
15
10
4
19
10
5
22
10
6
24
10
7
25
10
What is the marginal revenue product of the fifth worker?
A) $40
B) $20
C) $30
D) $10
3) Which of the following does not contribute to higher wages?
A) reductions in demand for the good being produced
B) technological improvements
C) greater educational attainment by the labor force
D) higher prices for the good being produced
Workers
Total Output per Day
Price of Good
2
10
$ 10
3
15
10
4
19
10
5
22
10
6
24
10
7
25
10
Explanation / Answer
D) increases in labor productivity as they become more efficent they get high pay
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