If the wage rate were $90, how many workers would be hired?
Answer: 6
You might also like to view...
The St. Louis Federal Reserve Bank econometric model indicates that crowding out
A) is only partial. B) never occurs. C) occurs only in highly unusual circumstances. D) is complete.
If the real wage needs to decrease to restore equilibrium in a labor market, this can happen by
A) keeping the nominal wage constant and allowing deflation to allow the real wage to decline. B) keeping the nominal wage constant and allowing inflation to allow the real wage to decline. C) raising the nominal wage and allowing deflation to allow the real wage to decline. D) raising the nominal wage so long as there is no inflation occurring in the economy.
If people refused to use banks to create checkable deposits, the banking system would:
a. not be affected in the money creating process. b. not have a way to loan out excess reserves. c. be able to expand the money supply by more than the money multiplier indicates. d. not be able to create new money. e. not be able to find new borrowers.
The average-total-cost curve is unaffected by diminishing marginal product
a. True b. False Indicate whether the statement is true or false