Suppose the current equilibrium real wage is $15 an hour. Which of the following is true?
a. A real wage above $15 an hour would lead to an excess demand for labor
b. A real wage above $15 an hour would lead to an excess supply of labor
c. The real wage must fall to prevent unemployment
d. The real wage must rise to prevent unemployment
e. A real wage below $15 an hour would lead to an excess supply of labor
B
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Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit
A) there will be an excess demand for the product. B) there will be a shortage of that product. C) there will be an excess supply of the product. D) the quantity supplied of the product will be less than the quantity demanded of that product.
The accounting system requires that the current account and the financial account sum to ________
A) 0 B) 1 C) 100 D) 10
What a firm must pay for its inputs is referred to as its:
A) production value. B) cost of production. C) opportunity cost. D) loss in production.
The relationship between the wage rate and the quantity of labor that employers wish to hire in total is called: a. the market supply curve for labor
b. the market demand curve for labor. c. an individual demand curve for labor. d. an individual supply curve for labor.