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Question:

Which is the correct description of the Iron Law of Wages proposed by David Ricardo in 1817?

A) Wages will only rise when a country has natural deposits of iron ore.B) People earn more money when they strive for the status quo.C) Wages will always fall back to the bare minimum.D) Wages will rise as countries industrialize.

Answer:

Wages will increase or lower relying upon the profitability of the organization. The opposite element that is taken into consideration is the viability of the manufacturer and it can be ability to remain beneficial. Regardless of a bust or boom cycle it is going to rely on the firms revenue stages and their capacity to remain beneficial.
C) Lower wages people having less children. The more children people produce, the more wages will be. In the end, wages will always be as low as they possibly can.

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