Test2_sample - 1 If demand for labor increases the wage...

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1. If demand for labor increases, the wage rate increases. a. True b. False 2. An increase in the supply of labor will, everything else equal, a. increase the full-employment level of output b. decrease the full-employment level of output c. move the economy from a recession toward full employment d. reduce total employment e. have no impact on total employment 3. Refer to Figure 8-2. An increase in output from A to B could be caused by an increase in 4. If the actual real wage exceeds the equilibrium wage, there will be an excess supply of labor. a. True b. False 5. Refer to Figure 7-1. If the real hourly wage rate was $6, what would be the effect?
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6. The value of nominal GDP in Kazakhstan in 2007 was 9738,8 bln. Tenge, and in 2008 it was 12726,0 bln. Tenge. How long it will take for nominal value of GDP in Kazakhstan to double if it continues growing at the present rate?
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