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Author Question: In the United States the degree of individual income mobility (that is, the degree to which people ... (Read 65 times)

bcretired

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on: Jun 30, 2018
In the United States the degree of individual income mobility (that is, the degree to which people move from higher to lower, or lower to higher, income groupings) is:
 a. rigid in both directions.
 b. flexible in both directions.
 c. flexible upward but rigid downward, since high income perpetuates itself from generation to generation.
 d. flexible downward but rigid upward, since most low-income people never rise significantly above the poverty level.

Question 2

If wage falls below the rate determined by the market equilibrium, in which direction will it move and why?


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sultansheikh

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

When the wage rate falls below the equilibrium rate, it creates an excess demand for labor which will push the wage back toward the equilibrium.


bcretired

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Reply #2 on: Jun 30, 2018
Thank you :)


sultansheikh

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Reply #3 on: Jun 30, 2018
Happy to help you


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