In the above figure, at the real wage rate of $50
A) there is a surplus of 100 billion hours per year.
B) there is a shortage of 100 billion hours per year.
C) there is a surplus of 60 billion hours per year.
D) there is shortage of 20 billion hours per year.
C
Economics
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According to the classical economists, actual real GDP
A) always equals actual aggregate income. B) sometimes equals actual aggregate income. C) never equals actual aggregate income. D) is not related to aggregate income.
Economics
If the demand for beans tends to decline as incomes rise, everything else held constant, beans are _____
a. luxury goods b. normal goods c. price sensitive d. not price sensitive e. inferior goods
Economics