The labor demand curve slopes
a. upward to illustrate that the more productive the worker, the higher the real wage the employer is willing to pay that worker
b. upward to illustrate that the higher the wage rate, the fewer workers are demanded
c. upward or downward in direct proportion to the rate of inflation
d. downward to illustrate that the lower the real wage, the more workers employers are willing to hire
e. downward to illustrate that the availability of workers is directly proportional to the real wage
D
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National income accounting reveals that the value of total production in an economy
A) is always greater than the value of total income in the economy. B) is always less than the value of total income in the economy. C) is always equal to the value of total income in the economy. D) may be greater than, less than , or equal to the value of total income in the economy.
If the demand decreases in a perfectly competitive market, firms will likely:
A. experience negative profits in the short run. B. experience zero profits in the long run. C. exit the market in hopes of capturing profits elsewhere. D. All of these are true.
If a country has positive net capital outflows, then its net exports are
a. positive, and its saving is larger than its domestic investment. b. positive, and its saving is smaller than its domestic investment. c. negative, and its saving is larger than its domestic investment. d. negative, and its saving is smaller than its domestic investment.
The impact of expansionary fiscal policy is weakened because of crowding out.
a. true b. false