Refer to Table 4-8. Suppose that the quantity of labor supplied decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 370,000 B) W = $10.00; Q = 350,000
C) W = $9.00; Q = 330,000 D) W = $8.00; Q = 390,000
B
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The "invisible hand" described by Adam Smith refers to the
a. allocative role of markets and market forces b. importance of government intervention and central planning c. actions of successful entrepreneurs in directing the economy d. role of monopolized industries in leading the nation e. value of religious belief in creating an ideal economy
How can inflation affect the international competitiveness of a country?
a. Through an increase in nominal interest rates. b. Through an increase in real interest rates. c. The competitiveness is harmed by any inflation rate that is higher than in other countries, as long as it is offset by exchange rate changes. d. The competitiveness is harmed by any inflation rate that is higher than in other countries, as long as it is not offset by exchange rate changes. e. Inflation is a domestic issue and therefore does not affect the international competitiveness
Which of the following statements is correct?
a. The poverty line is a relative standard. b. More families are pushed above the poverty line as economic growth pushes the entire income distribution upward. c. Increasing income inequality reduces poverty. d. Economic growth, by definition, affects all families equally.
The rich receive _____ all property income.
A. nearly B. about one-half of C. about one-quarter of D. a very small percentage of