As the wage rate increases, ________, assuming all else equal
A) quantity supplied of labor increases. B) demand for labor increases.
C) quantity demanded of labor increases. D) supply of labor increases.
A
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When states make car insurance mandatory for all drivers, it
A) raises rates for everyone because it brings bad drivers into the pool. B) raises rates for high-risk drivers. C) may lower rates for all drivers to the extent that it keeps low-risk drivers in the pool. D) prevents high-risk drivers from "selecting out," to the detriment of low-risk drivers. E) increases the amount of information available to insurers about the population.
Explain why an increase in the tax rate can result in lower tax revenues
What will be an ideal response?
Two goods are complementary if:
a. they are part of the basic food group. b. each performs the same basic task. c. the cross elasticity of demand is positive. d. they are used together. e. the income elasticity of demand is negative.
In the early 1980s, U.S. economic policy was directed toward reducing inflation. What would you have expected to observe during this short period of time?
a. Inflation fell and unemployment fell. b. Inflation and unemployment were both unaffected. c. Inflation fell and unemployment increased. d. Inflation fell and unemployment was unchanged.