The market labor supply curve is
a. the sum of individual labor supply curves at each quantity of labor
b. the sum of individual labor supply curves at each wage rate
c. the average of all individual labor supply curves
d. the sum of the upward-sloping portions of individual labor supply curves
e. the sum of the downward-sloping portions of individual labor supply curves
B
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If government expenditure increases by $200 billion and taxes simultaneously increase by $200 billion, then aggregate demand
A) remains the same. B) decreases no matter what happens to aggregate supply. C) increases no matter what happens to aggregate supply. D) increases only if aggregate supply increases. E) increases only if aggregate supply decreases.
In the United States, someone is classified as unemployed if he or she
A) does not have a job. B) does not have a job, or else has a job but is looking for a different one while continuing to work. C) does not have a job, has recently looked for work, and is collecting unemployment insurance. D) does not have a job, and is collecting unemployment insurance. E) none of the above
In comparing GDP data over a period of years, a difference between nominal and real GDP may arise because:
A. changes in trade deficits and surpluses. B. the length of the workweek has declined historically. C. the price level may change over time. D. depreciation may be greater or smaller than gross investment.
Refer to the given data. The monetary multiplier for the commercial banking system is:
Answer the question on the basis of the following consolidated balance sheet of the
commercial banking system. Assume that the reserve requirement is 10 percent. All figures
are in billions and each question should be answered independently of changes specified in
any preceding ones.
A. 5.
B. 10.
C. 12.5.
D. 20.