Economic theory suggests that the standard of living of American workers would rise if

Question

Quizplus · Accepted Answer

Increasing the amount of physical capital available to workers can increase productivity and output, resulting in higher wages and a higher standard of living. Doubling the minimum wage may lead to job loss and higher prices, while outlawing automation would limit technological progress and potential productivity gains. Technological setbacks would also likely decrease output and wages.

Economic Theory Suggests That the Standard of Living of American