For an upward-sloping labor supply curve, the quantity of labor supplied varies directly, ceteris paribus, with
A. The derived demand for labor.
B. Payroll taxes.
C. The wage rate.
D. The value of leisure time.
Answer: C
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During 2005, real GDP in Ireland grew 9.8 percent. If Ireland maintains this level of growth in the future, real GDP will double in approximately how many years?
What will be an ideal response?
Demand shows
a. the various quantities people are willing and able to buy at various prices, ceteris paribus. b. the various quantities people are able and willing to buy at various prices. c. the various prices people face when buying. d. how much people buy at one specific price.
The law of demand says that
a. the customer is always right b. quantity supplied equals quantity demanded c. price and quantity supplied are inversely related d. price and quantity demanded are inversely related e. income and quantity demanded are directly related
Which of the following statements describes a shortage?
a. At a lower price, the quantity demanded is below the quantity supplied. b. At the existing price, the quantity demanded is below the quantity supplied. c. At a higher price, the quantity demanded exceeds the quantity supplied. d. At the existing price, the quantity demanded exceeds the quantity supplied.