Refer to the information provided in Figure 28.1 below to answer ...

[plus1]

Question 1

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. The equilibrium wage rate is $________ and the equilibrium number of people employed is ________ million people.

◦ 15; 270
◦ 9; 210
◦ 15; 150
◦ 6; 180

Question 2

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. At wage rate $15, there is a ________ of labor equal to ________ million people.

◦ surplus; 150
◦ shortage; 150
◦ shortage; 120
◦ surplus; 120

[raili21]

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[sjones]

Question 1

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. At wage rate $6, there is a ________ of labor equal to ________ million people.

◦ shortage; 180
◦ shortage; 60
◦ surplus; 180
◦ surplus; 60

Question 2

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. According to classical economists if the wage rate is $6, the wage rate will ________ to eliminate the ________.

◦ decline; surplus
◦ increase; shortage
◦ decline; shortage
◦ increase; surplus

[helenmarkerine]

Answer 1

shortage; 60

Answer 2

increase; shortage

[sjones]

Thanks

[helenmarkerine]

Welcome

[jCorn1234]

Question 1

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. Which of the following can change the equilibrium wage rate from $9 to $6?

◦ The value people put on their leisure time increases.
◦ The value of what firms produce increases.
◦ The productivity of workers decreases.
◦ The productivity of workers increases.

Question 2

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. Which of the following can change the equilibrium wage rate from $9 to $15?

◦ The value people put on their leisure time increases.
◦ The value of what firms produce decreases.
◦ The productivity of workers decreases.
◦ the value of what firms produce increases.

[diesoon]

Answer 1

The productivity of workers decreases.

Answer 2

The value people put on their leisure time increases.

[lak]

Question 1

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. At a wage rate of $9, there is a ________ of labor equal to ________ million people.

◦ surplus; 210
◦ shortage; 210
◦ surplus; 120
◦ None of these are correct.

Question 2

Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.








Refer to Figure 28.1. At a wage rate of $________, there is a surplus of labor equal to ________ million people.

◦ 6; 60
◦ 6; 180
◦ 15; 150
◦ 15; 120

[orangecrush]

Answer 1

None of these are correct.

Answer 2

15; 120