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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Around 1973. the U.S. economy experienced a significant ________ in productivity growth, coupled with a(n) _________ in the growth of real wages.

a. acceleration, acceleration

b. acceleration, slowdown

c. slowdown, acceleration

d. slowdown, slowdown

To determine
Growth of real wage.

Explanation

Option (d):

Around 1973, the US economy experienced a significant slowdown in productivity growth. Since the wage level is determined by the marginal productivity, slowdown in the marginal productivity slowdowns the growth of the real wage. Thus, option “d” is correct.

Option (a):

The US economy experienced a significant slowdown in productivity growth, coupled with a slowdown in the growth of real wages; hence, there is no acceleration of productivity growth...

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