When the wage rate paid to labor is above equilibrium, the:
A. supply of labor increases.
B. number of jobs available exceeds the number of workers seeking jobs.
C. demand for labor decreases.
D. number of workers seeking jobs exceeds the number of jobs available.
Answer: D
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Refer to the table above. What is the shortage in the market when the price of a notebook is $1?
A) 0 units B) 10 units C) 14 units D) 16 units
The equilibrium price and quantity of a good under perfect competition are determined:
A) by the intersection of the market demand and total revenue curves. B) by the intersection of the total revenue and total cost curves. C) by the intersection of the market demand and market supply curves. D) by the intersection of the market supply and total revenue curves.
If aggregate supply keeps decreasing while aggregate demand does not change, there will come at time when
a. demand-dull inflation will occur b. cost-push inflation will occur c. demand-push inflation will occur d. cost-pull inflation will occur e. the economy will reach full employment
If labor's share of the income paid to American resource suppliers is broadly defined as the sum of wages and salaries and proprietors' income, we can say that labor's relative share has:
A. remained approximately constant since 1900. B. increased dramatically at the expense of capitalist income. C. declined by about one-third since 1900. D. decreased because of the decline of unionism.