Author Question: The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum ... (Read 126 times)

shofmannx20 · **on:** Jun 30, 2018

The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S. is:
a. The demand for unskilled labor fell while the demand for skilled labor increased.
b. The supply for unskilled labor increased and the supply for skilled labor remained the same.
c. While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor.
d. The supply and demand for skilled labor increased while both decreased for unskilled labor.

Question 2

In the 1960s and 1970s the U.S. passed several major consumer safety laws, including the Flammable Fabrics Act and the Child Protection Act. The economic impact of such legislation may include all of the following except:
a. reducing the price of the regulated product.
b. increasing the cost of producing the regulated product.
c. reducing the supply of the regulated product.
d. reducing competition within the regulated industry.

jaymee143 · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

c. While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor.

Answer to Question 2

a. reducing the price of the regulated product.