The supply of labor is defined as the relationship between the real wage rate and the
A) amount of jobs supplied by firms.
B) quantity of labor supplied by households.
C) quantity of labor supplied by firms.
D) amount of jobs supplied by households.
E) equilibrium quantity of employment.
B
You might also like to view...
Suppose the rural wage is $1 per day. Urban modern sector employment can be obtained with 5 probability and pays $2 per day
Will there be any rural-urban migration? Explain your reasoning, stating explicitly any simplifying assumptions, and show all work.
A general rule is that economy is experiencing a recession when:
a. real GDP declines for at least three months. b. real GDP declines for at least nine months. c. nominal GDP declines for at least nine months. d. real GDP declines for at least six months. e. nominal GDP declines for at least six months.
Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition
a. True b. False Indicate whether the statement is true or false
When markets fail, public policy can
a. do nothing to improve the situation. b. potentially remedy the problem and increase economic efficiency. c. always remedy the problem and increase economic efficiency. d. in theory, remedy the problem, but in practice, public policy has proven to be ineffective.