The supply of labor is the relationship between __________
A. the quantity of labor supplied and leisure time forgone
B. the real wage rate and the quantity of labor supplied
C. firms' willingness to supply jobs and the real wage rate
D. the labor force participation rate and the real wage rate
B Answer B defines the supply of labor.
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In a perfectly competitive market, a decrease in output could be caused by
a. an increase in consumer demand b. a technological innovation c. a decrease in input prices d. a decrease in consumer demand
If price was set by the government at $4, there would be a price _____________, that would cause a ___________ of _______ units.
A. floor; surplus; 8
B. floor; surplus; 10
C. ceiling; shortage; 8
D. ceiling; shortage; 12
Unlike the classical economists, Keynes believed that the economy would automatically adjust to full employment.
Answer the following statement true (T) or false (F)
Suppose that a nation has adopted a fixed exchange rate with another country, and has a persistent trade deficit. What is most likely to happen?
A. A gradual increase in the value of its currency B. A gradual decrease in the value of its currency C. A “run” on its currency and a sudden appreciation D. A “run” on its currency and a sudden devaluation