Which of the following is an assumption made about a competitive labor market?
a. A firm must offer a higher wage rate to attract more labor.
b. A firm must offer a lower wage rate to attract more labor.
c. A firm cannot influence the market wage rate.
d. The labor supply curve facing each firm is inelastic.
e. Workers compete for jobs and firms pay a variety of wage rates.
C
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A gold standard pegs the currency to:
A) another nation that also adopts a gold standard. B) a basket of metals: gold, silver, platinum, and palladium. C) the price of gold in local currency. D) the U.S. dollar.
Many fear that cheap foreign labor will destroy American jobs; in reality, wages in
a. the United States have risen spectacularly in the last 33 years as trade grew. b. countries that export to the United States are very low relative to the United States and show no sign of rising. c. countries that export to the United States have risen spectacularly in the last 33 years. d. United States export industries are very low relative to wages in the same industry in other countries. e. All of the above are correct.