When the prevailing market wage is above equilibrium, we say:
A. the quantity of labor demanded is more than the quantity supplied.
B. there is a surplus of labor.
C. there is no unemployment.
D. All of these are true.
Answer: B
You might also like to view...
A depression can be defined as: a. a mild reduction in total production coupled with a rising unemployment rate that lasts for several years. b. a mild decline in total production that lasts less than six months
c. a severe fall in stock prices that causes financial panic and lasts for several years. d. a severe reduction in total production coupled with high unemployment that lasts for several years. e. a decline in government spending and taxes that lasts for several months.
Kornai argued that transition from socialism to capitalism requires the creation of democracy
a. True b. False
Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below.Hours in East OrchardNumber of Apples Per HourHours in West OrchardNumber of Apples Per Hour140110232210325310420410 How should Frank divide his time between the east and the west orchard?
A. He should spend 1 hour in the east orchard and 3 hours in the west orchard. B. He should spend all 4 hours in the east orchard. C. He should spend 3 hours in the east orchard and 1 hour in the west orchard. D. He should spend 2 hours in east orchard and 2 hours in the west orchard.
When the total quantity of unsold new Tesla Model 3 vehicles increases from 40,000 to 45,000
A. the economy's level of consumption has increased. B. there is a decrease in aggregate output. C. the economy experiences an increase in inventory investment. D. the economy experiences a decrease in investment.