The relationship between the wage rate and the quantity of labor that employers wish to hire in total is called:
a. the market supply curve for labor
b. the market demand curve for labor.
c. an individual demand curve for labor.
d. an individual supply curve for labor.
b
You might also like to view...
Refer to Table 2-11. China has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.
Which of the following is not a common mistake made by consumers?
A) the failure to ignore sunk costs B) being overly pessimistic about their future behavior C) the failure to take into account the implicit costs of an activity D) being overly optimistic about their future behavior
"Expansionary fiscal policy is always 100 percent effective when the short-run aggregate supply curve is horizontal." Is this statement TRUE?
A) yes, because theoretically nothing else can offset the effects of fiscal policy B) yes, when the long-run aggregate supply curve is horizontal too C) no, because crowding out could take place D) no, because the increased spending may cause the price level to increase
If a developing country has sufficient reserves, the buying and selling of foreign currency by the central bank is:
A. likely to have a much smaller impact on the exchange rate than in developed countries. B. completely ineffective on the exchange rate. C. likely to have a much greater impact on the exchange rate than in developed countries. D. likely to have roughly the same impact on the exchange rate as in developed countries.