The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work?
A) 12,000 hours
B) 9,000 hours
C) 6,000 hours
D) None of the above answers is correct.
C
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In the context of growth, the goal of stabilization policy once per capita output is equal to potential per capita output is to
A) insure that the percentage change in per capita output and potential per capita output over time are equal. B) raise the growth rate of potential per capita output above that of per capita output. C) raise the growth rate of per capita output above that of potential per capita output. D) None of the above is correct.
To the degree that the Plumbers and Steamfitters union conducts costly training and apprentice requirements for prospective electricians, it is
A. shifting the supply of plumbers to the left. B. shifting the demand for plumbers to the left. C. shifting the supply of plumbers to the right. D. kinking the supply of plumbers to make it vertical at the level of the constraint.