Table: Wages and Hours Willing to Work

question 11

Essay

Table: Wages and Hours Willing to Work
(Table: Wages and Hours Willing to Work) Look at the table Wages and Hours Willing to Work, which shows data on wage per hour and the number of hours someone is willing to work.Which variable would economists put on the vertical axis?
A.Either variable
B.the wage, because even though it is the independent variable, it is a price
C.hours willing to work, because it is the dependent variable
D.neither variable

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Definitions:

Substitution Effect

The economic principle that as prices rise, consumers will replace costlier items with less expensive alternatives, holding the utility they receive constant.

Manufacturing Wage Rates

The amount of remuneration or earnings per unit of time by workers in the manufacturing sector.

College Graduate

An individual who has successfully completed a degree program at a college or university.

High School Graduate

An individual who has successfully completed the course of study at a high school, receiving a diploma or certification.