Incomes of U. S. households in the 1970s and 1980sa. grew rapidly, due to the widespread success of labor unions in pushing up wages during those decades. b. grew rapidly, due to several increases in the minimum wage during those decades. c. grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. d. grew slowly, due to slow growth of the output of goods and services per hour of U. S. workers' time during those decades.

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Brandt

24 October, 11:32

Incomes of U. S. households in the 1970s and 1980sa. grew rapidly, due to the widespread success of labor unions in pushing up wages during those decades. b. grew rapidly, due to several increases in the minimum wage during those decades. c. grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. d. grew slowly, due to slow growth of the output of goods and services per hour of U. S. workers' time during those decades.

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Xiomara Boone · Answer 1

D. Grew slowly, due to slow growth of the output of goods and services per hour of U. S. workers' time during those decades.

Explanation:

According to mainstream economic theory, real wages depend on the marginal productivity of labor (the amount of extra output produced by each additional worker). In other words, in theory, wages, and correspondingly, household income, depend on labor productivity.

During the 1970s and 1980s, labor productivity was relatively stagnant. High inflation, slow technological change, and deindustrialization have been proposed as explanations for this event.

The slowdown of labor productivity ended in the 1990s, with the arrival of information technology.