Recall Application 1, "The Black Death and the Living Standards in Old England," to answer the following questions:
-From the application, if the industrial revolution occurred right around the time of the bubonic plague, then we would expect to see the real wage rate of laborers in England to be:

Question

Quizplus · Accepted Answer

The application states that the Black Death led to a temporary increase in real wages due to the decrease in labor supply. However, this increase in real wages was not sustained in the long run and eventually fell back to pre-plague levels. If the industrial revolution occurred around the time of the bubonic plague, we would expect to see technological advancements and increased productivity leading to higher wages for laborers. Therefore, the real wage rate of laborers would be higher than what was observed during the period of the Black Death.