Hospitals Announce That There Are Not Enough Nurses Available to Keep

question 327

Multiple Choice

Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?

• A) The market wage for trained nurses is currently above the equilibrium wage.
• B) There is currently a surplus of nurses in this market.
• C) The market wage for nurses will eventually rise to the market clearing wage.
• D) The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training.

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Definitions:

Actual Rate

The interest rate that is actually earned or paid on an investment, loan, or other financial product.

Interest

The cost of borrowing money, typically expressed as a percentage of the amount borrowed.

Credit Card

A plastic card issued by a bank allowing the holder to purchase goods or services on credit.

Rate Of Return

The financial increment or decrement experienced in the value of an investment over a specific duration, highlighted as a percentage of the initial capital deployed.