Examlex
Which of the following will be included in the calculation of GDP using the expenditure method?
Equilibrium Wage
The wage rate at which the quantity of labor demanded equals the quantity of labor supplied; the market wage rate at which the labor market clears.
Labor Demand
The total amount of workers that employers are willing and able to hire at a given wage level in a certain time period.
Labor Supply
The total hours that workers wish to work at a given wage rate, representing the availability of labor for production.
Equilibrium Wage
The salary level where the amount of work sought by employers matches the amount of work offered by employees.
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