A worker's total earnings for one day is $100. He received a $20 fixed payment and consumes 14 hours of leisure. What is the hourly wage rate?
A. $6
B. $4
C. $8
D. $10
Answer: C
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When a reward might not occur, economists incorporate the uncertainty by multiplying the reward by a:
A) positive factor more than 1. B) positive factor less than 1. C) negative factor more than -1. D) negative factor less than -1.
If the number of unemployed workers is 200 million, the number of employed workers is 300 million, and the working-age population is 800 million, what is the labor force participation rate?
A) 12.5% B) 37.5% C) 40% D) 62.5%
A "change in demand" is caused only by a change in the price of the good
Indicate whether the statement is true or false
In the long run, a decrease in the money supply growth rate
a. reduces expected inflation so the long-run Phillips curve shifts left. b. reduces expected inflation so the short-run Phillips curve shifts left. c. Both A and B are correct. d. None of the above is correct.