Asked by Julian Green on May 30, 2024
Verified
The rising general level of real wages in the United States has occurred because the growing population has increased the supply of labor relative to the demand for it.
Real Wages
Wages that have been adjusted for inflation, reflecting the purchasing power of income.
Labor Supply
The total hours that workers are willing and able to work at a given wage rate, across all jobs available in the economy.
- Explore the reasons behind the changing levels of real wages in the United States.
Verified Answer
AA
Andrew AdamsomJun 01, 2024
Final Answer :
False
Explanation :
The rising general level of real wages in the United States is typically attributed to increases in productivity, technological advancements, and education improvements, rather than simply an increase in the supply of labor relative to demand.
Learning Objectives
- Explore the reasons behind the changing levels of real wages in the United States.