The labor market is in equilibrium whenever
A) the nominal wage rate is decreasing.
B) the nominal wage rate is increasing.
C) the nominal wage rate is not changing.
D) the real wage rate is increasing.
E) the quantity of labor demanded equals the quantity of labor supplied.
E
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How do markets respond to price ceilings and price floors? Do attempts to repeal the laws of supply and demand meet their objectives?
What will be an ideal response?
The above figure shows the production possibility frontier for an economy. The point or points that are not attainable are
A) points B and C. B) points A, B, and C. C) point E. D) points A, B, C, and D. E) points A and D.
Changes in expectations about future price levels:
A. affect only the short-run aggregate supply curve. B. affect only the long-run aggregate supply curve. C. affect both the long-run aggregate supply curve and the short-run aggregate supply curve. D. do not affect either the long-run aggregate supply or the short-run aggregate supply curve.
According to the text, what share of the world's countries now use floating exchange rate systems?
A) 100% B) 70% C) 30% D) 15%