The labor demand curve:
A. is made up of workers who want to work for firms at each given wage.
B. shows that the number of people who want to work increases as the wage increases.
C. is provided by firms who want to hire workers at each given wage.
D. shows number of workers who are willing and able to work at higher wages.
Answer: C
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Econometrics can be defined as follows with the exception of
A) the science of testing economic theory. B) fitting mathematical economic models to real-world data. C) a set of tools used for forecasting future values of economic variables. D) measuring the height of economists.
Under the adaptive expectations hypothesis, how will a shift to a more expansionary monetary policy affect the economy?
a. In the short run, the real rate of output will be unaffected, but in the long run, it will increase. b. In the short run, the real rate of output will increase, but in the long run, it will be unchanged. c. There will be a permanent increase in the real rate of output, but the inflation rate will also be a little higher. d. In the short run, the impact on the real rate of output is uncertain, but in the long run, output will increase.
As a result of pure free trade in a commodity, the
A. price of the commodity must be the same in all countries. B. total quantity imported will exceed the total quantity exported. C. price of the commodity will be higher in the producing country. D. price of the commodity will be lower in the producing country.
Why is the difference between the actual and expected rates of inflation important for explaining disinflation?
What will be an ideal response?