A decrease in the supply of labor could be caused by
A) wage rates falling in another industry.
B) better working conditions.
C) more job flexibility.
D) increased wage rates in another industry.
Answer: D
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The short run Phillips curve
A) shows that any inflation rate can co-exist with the natural unemployment rate. B) shows the tradeoff between the inflation rate and the unemployment rate, and it shifts when the expected inflation rate changes. C) shows the relationship between the inflation rate and the expected inflation rate, and it shifts when the natural unemployment rate changes. D) shows the relationship between the inflation rate and the nominal interest rate, and it shifts when the natural unemployment rate changes. E) shows the tradeoff between the inflation rate and the unemployment rate and it shifts when the inflation rate changes.
Economic profit is:
a. total revenues minus variable costs. b. total revenues minus private costs. c. total revenues minus explicit costs. d. total revenues minus total costs.
If the number of laborers is 200 and the capital stock is $20,000 . the capital-labor ratio is
a. $1/100 b. $100 c. $20,100 d. $4,000,000 e. $19,900
What does the phrase "owners' equivalent rent" mean?
A. It is the price of a home. B. It is the value of three years' worth of housing services. C. It is the value of a year's worth of housing services. D. It is the price of five years' worth of housing services.