1. Typically if real wages fall, the quantity demanded of labor rises. If workers agree to 3...
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1. Typically if real wages fall, the quantity demanded of labor rises. If workers agree to 3 percent wage increases for a four-year period and inflation is more than 3 percent, then, based on this information alone,
- The quantity demanded of labor will fall.
- The demand. but not the quantity demanded. for labor will fall.
- Workers will have higher real wages because they get paid more.
- Workers must experience money illusion.
- The quantity demanded of labor will increase, because real wages fell.
2. Economic growth is defined as the percent change of
- Real per capita gross domestic product (GDP).
- Population.
- Per capita gross domestic product (GDP).
- Gross domestic product (GDP).
- Real gross domestic product (GDP).
3. Professor Zebrowski's business class has 25 students. Six students in the class have part-time jobs and go to school full-time. Two students in the class have full-time jobs and go to school part-time. Three students in the class are looking for part-time jobs. How many students in the class count as part of the labor force?
- 14
- 25
- 8
- 11
- 9
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