MINDTAP From Congage omework Ch 01 Due Today at 1159 PM EST

MINDTAP From Congage omework (Ch 01) )Due Today at 11:59 PM EST Back to Assignment Average: /1 Attempts: 9. Factors that influence standard of living Which of the following government policies is least likely to increase the standard of living in the United States? Investment in tools and capital for workers Investment in technology Raising the minimum wage paid to workers Investment in education and skills training for workers -D Gt

Solution

Raising the minimum wage paid to workers is least likely to raise standard of living in United States.

Raising the minimum wage could lead to lesser hiring by employers. Employers could hire fresh graduates at lower salary.

Also higher productivity leads to higher standard of living.

Investment in technology, capital and tools and education and skills, will increase productivity which results in higher output. Higher output implies higher income and as a result higher standard of living.