Job Rationing Occurs When the Real Wage Rate Is

question 21

Multiple Choice

Job rationing occurs when the real wage rate is

• A) below the equilibrium wage rate so there is an excess supply of labor.
• B) above the equilibrium wage rate so there is a shortage of labor.
• C) equal to the equilibrium wage rate so there is no excess supply of labor.
• D) above the equilibrium wage rate so there is an excess supply of labor.
• E) Both answers A and D are correct because whenever the real wage rate is above or below the equilibrium wage rate, there is an excess supply of labor.

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Definitions:

Mindfulness Meditation

A practice of focused attention and awareness, typically used for stress reduction and to increase present-moment awareness.

Altered State

A condition of consciousness distinctly different from normal waking awareness, often induced by drugs, meditation, or hypnosis.

Mantra

A word, sound, or phrase repeated to aid concentration in meditation, or used as a motivational tool.

Automatic Processes

Mental activities that require minimal amounts of cognitive resources, often unconscious and performed without deliberate control.