2accordingtoclassicaleconomistsifthewagerateis a

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Unformatted text preview: 2 Topic: The Classical View of the Labor Market Skill: Analytic AACSB: Analytic Skills 10) Refer to Figure 14.2. At wage rate $6, there is a ________ of labor equal to ________ million people. A) shortage; 180 B) shortage; 60 C) surplus; 180 D) surplus; 60 Answer: B Diff: 2 Topic: The Classical View of the Labor Market Skill: Analytic AACSB: Analytic Skills 11) Refer to Figure 14.2. According to Classical economists if the wage rate is A) $15, the wage rate will decline to eliminate the surplus. B) $15, the wage rate will increase to eliminate the shortage. C) $6, the wage D) rate will decline to eliminate the surplus. $15, the wage rate will decline to eliminate the shortage. Answer: A Diff: 2 Topic: The Classical View of the Labor Market Skill: Analytic AACSB: Analytic Skills 12) Refer to Figure 14.2. Which of the following can change the equilibrium wage rate from $9 to $6? A) The value B) people put on their leisure time increases. The value of C) what firms produce increases. The D) produ...
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This note was uploaded on 06/02/2013 for the course ECON 130 taught by Professor Meshew during the Fall '13 term at Victoria Wellington.

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