Interpreting Economic Trends
An economist observes that over the last century, a country's average real wage has tripled, while the average number of hours worked per week has decreased from 50 to 35. How does this simultaneous occurrence of higher wages and fewer working hours illustrate the typical societal response to long-term economic progress?
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Over the past 30 years, a nation's average real wages have increased substantially due to significant technological advancements. Based on the typical historical patterns observed in developed economies, which of the following outcomes is the most probable societal response to this sustained economic progress?
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