What is the relationship between wages and the supply of labor?
What will be an ideal response?
The higher the wage, other things constant, the more labor supplied.
You might also like to view...
The imaginary figure who advises us whether society is making the most of its scarce resources is the
A) opportunity-cost pixie. B) benevolent social planner. C) scarcity goddess. D) compassionate dictator.
Expansions in globalization and the reduction of worldwide trade barriers during the 1980s and 1990s most likely had what effect on the demand for U.S. labor?
A. The demand for unskilled workers increased, while the demand for skilled workers decreased. B. The demand for unskilled and skilled workers increased. C. The demand for unskilled workers increased, while the demand for skilled workers did not change. D. The demand for unskilled and skilled workers decreased. E. The demand for unskilled workers decreased, while the demand for skilled workers increased.
For most goods, the real-income effect of a price change is
A. small because the decision to buy a good depends only on the income of a consumer. B. large because the price of the good is in terms of the currency and the income of the person is also in terms of the currency. C. zero because the real-income effect only applies to durable goods. D. small because the good accounts for a small part of the consumer's budget.
The current system of exchange rates can best be described as:
A. freely fluctuating exchange rates. B. managed floating exchange rates. C. rigidly fixed exchange rates. D. an adjustable peg system.