As the wage rate increases, the quantity of labor supplied by an individual worker will:
a. invariably increase
b. invariably decrease.
c. first increase and then decrease.
d. first decrease and then increase.
e. remain constant.
c
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List and define the three types of unemployment
What will be an ideal response?
What is the main cause of shifting the aggregate supply curve?
a. Changes in productivity b. Changes in amount sold c. Changes in amount demanded d. Changes in costs
Suppose there are 65 million employed persons, 5 million unemployed persons, and 35 million persons not in the labor force. What does the civilian noninstitutional population equal?
A) 70 million B) 110 million C) 65 million D) 105 million
Which of the following most accurately states the economic significance of voluntary exchange?
a. Goods and services have value because they exist; exchange causes some people to win while others lose. b. Exchange creates value because it makes it possible for the trading partners to expand total output as the result of specialization and division of labor. c. Exchange moves goods and services from people who value them more to parties who value the goods less. d. Exchange cannot create additional value because it does not create additional goods and services.