Refer to the figure above. What is the equilibrium wage rate and employment level after the labor demand curve shifts to LD2?
A) $50 and 50 units of labor B) $40 and 30 units of labor
C) $20 and 40 units of labor D) $10 and 60 units of labor
B
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In order to reduce risk and increase the safety of financial institutions, commercial banks and other depository institutions are prohibited from
A) owning municipal bonds. B) making real estate loans. C) making personal loans. D) owning common stock.
Two events occur simultaneously in the market for automobiles: (1) an improvement in assembly line technology and (2) the economy enters a recession (which decreases consumers' income). An economist would predict with certainty that
a. equilibrium quantity will rise b. equilibrium quantity will fall c. equilibrium price will rise d. equilibrium price will fall e. the equilibrium price will remain the same
Why were banking panics and failures largely eliminated after 1933?
a. There were fewer recessions. b. There was more government spending. c. All U.S. currency began to be backed by gold. d. Congress created deposit insurance. e. The banking sector became less important as the US became a more trade-oriented economy.
Countries that have lower levels of real GDP per person than the United States
a. tend to have growth rates that are higher than that of the United States. b. tend to have growth rates that are about the same as that of the United States. c. tend to have growth rates that are lower than that of the United States. d. in some cases have growth rates that are higher than that of the United States and in other cases lower than that of the United States.