Which of the following statements concerning the supply of labor is true?
a. The wage rate has no effect on the supply of labor.
b. The labor supply curve is downward sloping.
c. The supply of labor is determined by the prevailing wage rate.
d. The typical labor supply curve is upward sloping.
d
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Refer to the scenario above. The opportunity cost per dollar of value added in the production of Good X by worker 1 is ________
A) $0.50 of value added in the production of Good Y B) $100 of value added in the production of Good Y C) $87.50 of value added in the production of Good Y D) $0.70 of value added in the production of Good Y
When the percentage change in quantity demanded is less than the percentage change in price, the demand for the good is ________
A) inelastic B) unit elastic C) perfectly inelastic D) elastic
The above figure shows the demand curve for movie rentals from Redbox. Which of the following is TRUE?
A) Consumer expenditure on movie rentals will always increase whenever Redbox lowers its price. B) Redbox will receive more total revenue if it charges $4.00 per movie rental rather than $3.00. C) The price elasticity of demand for movie rentals falls as Redbox raises its price. D) The demand for movie rentals is more price inelastic at $1.00 than it is at $1.50.
The unemployment rate in the United States increased from 5% in December 2007 to 9.9% in December 2009
Was this almost doubling of the unemployment rate due to cyclical, frictional, or structural reasons, and did the increase in unemployment change the natural rate of unemployment?