The table above shows the labor market for the country of Pickett. When the labor market is in equilibrium, the real wage rate is ________ and ________ of labor a year are employed
A) any value less than $25 an hour; any value greater than 40 billion hours
B) any value greater than $30 an hour; any value more than 40 billion hours
C) any value greater than or equal to $25 an hour; any value less than 40 billion hours
D) $30 an hour; 40 billion hours
D
You might also like to view...
In the real world:
A. businesses can easily identify different groups' willingness to pay, so price discrimination is prevalent in every market. B. price discrimination is practiced less today than it was in the mid-1900s. C. perfect price discrimination is impossible. D. price discrimination has only been observed where monopolies are present.
Banks will hold additional excess reserves when
a. loans to customers look safe and interest rates are high. b. they anticipate a bank audit. c. loans to customers look risky and interest rates are low. d. the economy is booming and there is a large demand for loans.
Which of the following illustrates the effectiveness lag?
A) Policymakers believe an economic downturn has occurred, but they decide not to take action until they are sure. B) Policymakers are in the process of proposing policy measures to deal with the current economic slowdown. C) Policymakers first learn of the recession when it is five months old. D) Policymakers implement policy X, but it will be a few months before it starts working. E) Policymakers agree to policy X, but it will be at least two months before the policy is implemented.
Which one of the following will not cause the production possibilities curve to shift outward?
a. improvements in the stock of land b. increased educational opportunities c. a very low birth rate d. increased entrepreneurial activity