-In the Figure Above, the Demand and Supply of High-Skilled

question 11

Multiple Choice

-In the figure above, the demand and supply of high-skilled workers has an H subscript and the demand and supply of low-skilled workers as an L subscript. The quantity of high-skilled labor employed is

• A) 2,000 hours per day.
• B) 4,000 hours per day.
• C) 5,000 hours per day.
• D) 6,000 hours per day.

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Definitions:

Credit Card

A financial instrument that allows the cardholder to borrow funds from a pre-approved limit to pay for goods and services.

Money Supply

The entire sum of monetary holdings accessible in an economy at a certain period.

Travelers Checks

Preprinted, fixed-amount checks designed to allow the person signing them to make payments or exchange for local currency, used mainly by travelers to protect against theft or loss.

M1 Balance

The most liquid components of the money supply, including physical currency, demand deposits, and other assets that can quickly be converted to cash.