If labor's share of the income paid to American resource suppliers is broadly defined as the sum of wages and salaries and proprietors' income, we can say that labor's relative share has:
A. remained approximately constant since 1900.
B. increased dramatically at the expense of capitalist income.
C. declined by about one-third since 1900.
D. decreased because of the decline of unionism.
Answer: A
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Which of the following would increase the size of the government purchases multiplier?
A) an increase in the quantity of imports purchased by households from an increase in income B) a decrease in the amount saved by households from an increase in income C) an increase in the tax rate D) a decrease in the amount of consumption spending by households from an increase in income
After trade opens, the short run impact on the income of the specific factor that is relatively scarce will be
A) a decrease in its income. B) an increase in its income. C) no change in its income. D) indeterminate, income effects are not possible to know.
Economic rents can lead to large wage differentials
a. True b. False Indicate whether the statement is true or false
The laws of supply and demand did not apply to elephant tusks.
Answer the following statement true (T) or false (F)