If workers' money wage rates increase by 5 percent and the price level remains constant, workers'
A) quantity of labor supplied will decrease.
B) quantity of labor supplied will increase.
C) quantity of labor supplied will not change.
D) demand for jobs will decrease.
B
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When a market operates so that there are no shortages and no surpluses, then the market is
A. free. B. in equilibrium. C. in disequilibrium. D. subject to non-market intervention.
Which of the following is the best example of a command-and-control regulation?
A. Effluent taxes on pollutants. B. Emissions trading. C. Requiring automobiles to have catalytic converters. D. Offset programs.
The government imposes a maximum price on apartments that is above the equilibrium price. You accurately predict that
A. the law will create a surplus of apartments. B. landlords are less likely to do routine maintenance work in the apartments. C. renters will find that landlords start offering to furnish the apartments. D. the law will have no economic impact.
A national campaign is asking for contributions of $1.00 per citizen to fund the building of the September 11th memorial in New York City. The total cost of the memorial is estimated to be $260 million. You decide not to contribute, because your contribution would be small relative to the total that it won't make any difference whether you contribute or not. This is an example of the ________ problem.
A. nonrival in consumption B. drop-in-the-bucket C. nonexcludable D. free-rider