What happens to the equilibrium wage and quantity of labor if output price rises?
A) The equilibrium wage and the equilibrium quantity of labor rise.
B) The equilibrium wage rises and the equilibrium quantity of labor falls.
C) The equilibrium wage falls and the equilibrium quantity of labor rises.
D) The equilibrium wage and the equilibrium quantity of labor fall.
A
You might also like to view...
Managers should maximize
A) social accountability. B) the health and welfare of the employees. C) market share. D) none of these choices.
Which of the following statements correctly describes international trade in accordance with comparative advantage?
a. Trade is impossible unless there exists a purely competitive market for foreign exchange. b. Trade makes all the citizens of the trading countries better off, which is a clear example of a Pareto improvement. c. Trade may well make some citizens in each trading country worse off. d. Trade requires the judicious application by government of tariffs and quotas in order to discourage production according to comparative disadvantage. e. Trade requires that the economies of the trading partners be of roughly equal size (United States versus Andorra just does not work).
Which of the following would be an example of expansionary fiscal policy?
A) An increase in the individual income tax rate. B) Extending the period in which unemployed workers can collect unemployment benefits. C) A decrease in the amount of federal grants given to college students D) A decrease in interest rates.
A commercial bank has required reserves of $60 million and the reserve ratio is 20 percent. How much are the commercial bank's checkable-deposit liabilities?
A. $120 million B. $900 million C. $300 million D. $1,200 million