How are the wage rate and employment determined in a competitive labor market?
What will be an ideal response?
In a competitive labor market, the wage rate and employment are determined at the intersection of the demand for labor curve and the supply of labor curve.
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Due to the ________ effect, the final shift in aggregate demand is larger than the initial shift in aggregate demand
A) multiplier B) substitution C) income D) crowding-out
Inflation is
A. a rise in the price of every good and service. B. a rise of exactly a specified percentage in the price of every good or service. C. a rise in the average price level. D. a rise in average prices of at least 10 percent a year.
Coffee is an example of a product that has been successfully labeled and marketed based on its production method or environmental protection
Indicate whether the statement is true or false
Which of the following is an obstacle to economic development?
A. immigration B. openness to trade C. foreign direct investment D. poorly defined property rights