To say that the demand for labor is a derived demand means that
a. the quantity of labor is derived by the real wage rate
b. the demand for labor depends upon the demand for the product produced by labor
c. the supply of labor rises when the demand for labor falls
d. equilibrium in the resource market ensures there is equilibrium in the product market
e. changes in the demand for labor lead to changes in the demand for the product produced by labor
B
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The National Labor Relations Act (Wagner Act)
A) prohibited the creation of company unions. B) guaranteed workers the right to organize. C) set the minimum wage at $5.15 an hour. D) set the length of the workweek at 40 hours.
If the tea harvest is bad in a particular year, the supply of tea will
a. decrease, its price will decrease, and the quantity demanded of coffee will increase b. decrease, its price will increase, and the quantity demanded of coffee will increase c. decrease, its price will increase, and the quantity demanded of coffee will decrease d. decrease, its price will decrease, and the quantity demanded of coffee will decrease e. increase, its price will increase, and the quantity demanded of coffee will increase
The government and a private business are alike in terms of ________ but different in terms of ________.
A. the economic pressure they feel to be efficient; the economic impact of their spending B. the economic pressure they feel to be efficient; the nature of their relationships with their customers C. the nature of their relationships with their customers; the economic pressure they feel to be efficient D. the economic impact of their spending; the economic pressure they feel to be efficient
Assume that Ms. Sawyer's salary is $42,000, up from $40,000 last year, while the CPI is 157.5 this year, up from 150 last year. This means that Ms. Sawyer's real income has
A) increased. B) decreased. C) stayed the same. D) It depends on which year is the base year.