The total labor hours that all the firms in the economy plan to hire during a given time period at one particular real wage rate is the
A) demand for labor.
B) supply of labor.
C) quantity of labor demanded.
D) quantity of jobs supplied.
E) quantity of labor supplied.
C
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Refer to Figure 4-1. If the market price is $2.00, what is Arnold's consumer surplus?
A) $0.50 B) $1.00 C) $1.50 D) $3.00
For the past several decades, union membership in the United States has been declining. What has been happening in the rest of the world?
A) Union membership has been increasing in almost every other country. B) In almost every other nation, union membership has held constant. C) In most cases, union membership in other nations has also been falling. D) We do not know because other nations do not keep these statistics.
If the government increases expenditures on goods and services and increases taxation by the same amount, which of the following will occur?
a) aggregate demand will be unchanged b) aggregate demand will increase c) interest rates will decrease d) the money supply will decrease e) the money supply will increase
An inflationary spiral can emerge when
A. Desired spending at full employment falls short of full-employment output. B. Actual investment equals desired investment. C. An increase in investment exceeds available savings. D. Desired leakages exceed desired injections.