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

[lak]

Thank you!

[orangecrush]

Always glad to help...

[TFauchery]

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 $________, there is a shortage of labor equal to ________ million people.

◦ 6; 60
◦ 6; 180
◦ 15; 150
◦ 15; 120

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 $15 the wage rate will ________ to eliminate the ________.

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

[bd5255]

Answer 1

6; 60

Answer 2

decline; surplus

[karen]

Question 1

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








Refer to Figure 28.1. If the value people put on their leisure time increases, the equilibrium wage rate

◦ could change from $9 to $6.
◦ could change from $9 to $15.
◦ would stay at $15.
◦ would increase to $15.

Question 2

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








Refer to Figure 28.1. If the productivity of workers decreases, the equilibrium wage rate

◦ could change from $9 to $6.
◦ could change from $9 to $15.
◦ would stay at $15.
◦ would increase to $15.

[dreamfighter72]

Answer 1

could change from $9 to $15.

Answer 2

could change from $9 to $6.

[karen]

Thank you!

[dreamfighter72]

Always glad to help...