Use the following diagram to answer the next question.
Which of the following statements about this market is correct?
A. Employers would benefit from a higher wage since they could profitably attract more workers.
B. At a wage rate less than $5, more than 500 workers would be employed.
C. At a wage rate of $5, the number of workers employed is maximized.
D. At a wage rate greater than $5, more than 500 workers would be employed.
Answer: C
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Long-run aggregate supply and a country's production possibility curve (PPC)
A) are inversely related. B) are closely related. C) have no relationshi
Moving along the aggregate production function shows the relationship between ________, holding all else constant
A) capital input and real GDP B) labor input and real GDP C) labor input, capital input and real GDP D) technology and real GDP
The Smoot-Hawley Act was enacted in
A) 1980. B) 2000. C) 1930. D) 2010.
Social Security is
A. a social insurance program that guarantees that an elderly person will never fall below the poverty level. B. an insurance program operated by the federal government. C. a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement. D. an intergenerational transfer program that only vaguely relates to past earnings.