In a labor market diagram, the point at which the labor supply curve crosses the labor demand curve is
a. the point at which all workers are employed at the salary at which they would prefer to be employed
b. the point at which all jobs are filled at the wage employers prefer to pay
c. the point at which everyone who wants to work is able to find a job
d. a point at which we have excess labor supply, causing unemployment
e. the point at which excess demand for labor drives the wage rate upward
C
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All of the following are preconditions for economic growth EXCEPT i. property rights. ii. democracy. iii. free markets
A) i only B) ii only C) iii only D) Both i and ii E) i, ii, and iii
Purposeful behavior means that:
A. people are selfish in their decision making. B. people weigh costs and benefits to make decisions. C. people are immune from emotions affecting their decisions. D. decision makers do not make mistakes when weighing costs and benefits.