If the actual real wage exceeds the equilibrium wage, there will be an excess supply of labor
a. True
b. False
A
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The idea of comparative advantage implies that people or countries
A) should specialize in the production of goods. B) can gain from trading. C) can consume at a point outside their production possibilities frontier. D) all of the above.
For a worker to be potentially available, he or she must
A) know about the jobs available at a particular firm. B) be in the relevant geographic market and be willing to work for minimum wage. C) have most of the skills required by the firm only. D) have the skills required by the firm and be in the relevant geographic market.
If the velocity of money is about 1.8 and nominal GDP is $14.4 trillion, what is the money supply?
A. $14.4 trillion B. $8.0 trillion C. $1.8 trillion D. We cannot compute the money supply from the data given.
In 2008–2009, Iceland and several Baltic states increased their interest rates. One would expect which of the following?
A. U.S. bond prices will fall and the dollar will appreciate. B. U.S. bond prices will rise and the dollar will appreciate. C. U.S. bond prices will fall and the dollar will depreciate. D. U.S. bond prices will rise and the dollar will depreciate.