Solved

If the Real Wage Rate Is Such That the Quantity

Question 311

Multiple Choice

If the real wage rate is such that the quantity of labor supplied by workers is less than the quantity of labor demanded by firms


A) the economy is at full employment.
B) there is a shortage of labor.
C) the real wage rate will fall to restore equilibrium.
D) actual real GDP equals potential GDP because firms make the decision about how many workers to hire.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q306: Over the last 100 years, the average

Q307: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -As a result

Q308: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The figure above

Q309: If real GDP per person is growing

Q310: Because the productivity of labor decreases as

Q312: The neoclassical growth theory is based on

Q313: If real GDP is $13,000 billion and

Q314: Of the three economic growth theories, which

Q315: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -The table above

Q316: According to the new growth theory<br>A) the