Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of pilots if the government enforces a lower mandatory retirement age, say from age 65 to age 62?
A) The equilibrium wage rises and the equilibrium quantity of pilots falls.
B) The equilibrium wage and the equilibrium quantity of pilots fall.
C) The equilibrium wage and the equilibrium quantity of pilots rise.
D) The equilibrium wage falls and the equilibrium quantity of pilots rises.
A
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The quantity of labor demanded is the labor hours all
A) firms plan to hire at a given real wage rate. B) firms plan to hire at a given nominal wage rate. C) employees plan to work at a given real wage rate. D) employees plan to work at a given nominal wage rate. E) Both answers A and C are correct.
Negative current account balances are usually associated with
A) a shrinking of the international investment position. B) an improvement of the international investment position. C) a decrease in external debt. D) an increase in external debt.