1. Explain why the general level of wages is high in the United States and other industrially advanced countries. What is the single most important factor underlying the long‐run increase in average real‐wage rates in the United States?

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1. Explain why the general level of wages is high in the United States and other industrially advanced countries. What is the single most important factor underlying the long‐run increase in average real‐wage rates in the United States?

2. What is meant by investment in human capital? Use this concept to explain (a) wage differentials and (b) the long‐run rise of real wage rates in the United States

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