Asked by Julian Green on May 30, 2024

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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.
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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.