John's reservation wage is $10 per hour. This means that
A) John will not supply labor in the market until he receives a wage of at least $10 per hour.
B) John will supply labor in the market at a wage of $10 and lower.
C) John will work 10 hours per day.
D) John will decrease the hours he works when his wage rate exceeds $10 per hour.
A
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When you buy a hamburger for lunch, you are using money as a
A) store of value. B) standard of deferred payment. C) medium of exchange. D) unit of accounting.
As economies develop, more jobs will require more education and training. What effect will this have on the labor market of 18 to 24 year olds?
a. The demand for workers ages 18 to 24 years old will decrease as more young people go to school. b. The supply of workers ages 18 to 24 years old will decrease as more young people go to school. c. The demand for workers ages 18 to 24 years old will increase as more young people go to school. d. The supply of workers ages 18 to 24 years old will increase as more young people go to school.
The goods market adjusts to an equilibrium right at the point of the Keynesian cross. Why?
a. At that point, the Keynesian theory of sticky prices b. At only that point, total spending is equal to total production. c. At only that point, consumers are fully satisfied and firms have maximized profits. d. At only that point, the unemployment rate is zero and workers need not seek higher wages.
The airline industry is a good example of a monopolistically competitive industry.
Answer the following statement true (T) or false (F)