The market expansion effect of globalization has which of the following effects?
A. The labor force participation rate declines.
B. The demand for labor for many kinds of work increases, pushing the equilibrium wage up.
C. The overall number of workers employed falls.
D. The supply of labor for many kinds of work increases, pushing the equilibrium wage down.
Answer: B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Equilibrium takes place where:
A. supply and demand intersect. B. supply is highest. C. demand is highest. D. prices are maximized.
The federal agency that regulates the New York Stock Exchange is the
a. Securities and Exchange Commission b. Department of Justice c. Department of Commerce d. Federal Reserve Board e. Department of the Treasury
A market system solves the
a. "what" and "how" decisions but not the "to whom." b. "what" and "to whom" decisions but not the "how." c. "how" and "to whom" decisions but not the "what." d. "what," "how," and "to whom" decisions.