The productivity and real wages of workers in the

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10. The productivity and real wages of workers in the industrially advanced economies have risen historically partly because: A. workers have acquired less education and training over time. B. workers have been able to use larger quantities of capital equipment. C. over time the capital equipment used by workers has deteriorated in quality. D. the supply of labor has increased. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-1 McConnell - Chapter 13 #10 Topic: Real and nominal wage rates; trends 11. If the nominal wage increases by less than the price level, the real wage: AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-1 McConnell - Chapter 13 #11 Topic: Real and nominal wage rates; trends
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12. If the nominal wage rises by 4 percent, and the price level rises by 7 percent, the real wage will: AACSB: Analytical Skills Blooms: Application Learning Objective: 13-1 McConnell - Chapter 13 #12 Status: New Topic: Real and nominal wage rates; trends 13. If the nominal wage rises by 6 percent, and the price level falls by 2 percent, the real wage will: AACSB: Analytical Skills Blooms: Application Learning Objective: 13-1 McConnell - Chapter 13 #13 Status: New Topic: Real and nominal wage rates; trends 14. Long-run real wages in the United States have: A. risen, because growth in the demand for labor has exceeded growth in the supply of labor. B. risen, because the supply of labor has fallen over time. C. fallen, because growth in the supply of labor has exceeded growth in the demand for labor. D. fallen, because the demand for labor has fallen over time. AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-1 McConnell - Chapter 13 #14 Status: New Topic: Real and nominal wage rates; trends 15. Since 1960, real hourly compensation in the United States has approximately: AACSB: Reflective Thinking Skills Blooms: Knowledge Learning Objective: 13-1 McConnell - Chapter 13 #15 Status: New Topic: Real and nominal wage rates; trends 16. Marginal revenue product (MRP) of labor refers to the: AACSB: Analytical Skills Blooms: Knowledge Learning Objective: 13-2 McConnell - Chapter 13 #16 Topic: Purely competitive labor markets
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