Economists use the phrase ceteris paribus to express the assumption
A. "everything affects everything else."
B. "there is no such thing as a free lunch."
C. "all else equal."
D. "scarcity is a fact of life."
Answer: C
Economics
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The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.
Economics
Historical note: Since the end of World War II, the U.S. economy has experienced
a. no recessions b. one recession c. approximately one recession each year d. 100 recessions e. 11 recessions
Economics