The Following Figures Show the Demand (D) and Supply (S)

question 28

Multiple Choice

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6

-In Figure 16.6, assume that micro and macroeconomists must be paid the same wage because of comparable-worth laws. If the wage rate is $12, then:

• A)there is a shortage of macroeconomists and a surplus of microeconomists.
• B)there is a shortage of microeconomists and a surplus of macroeconomists.
• C)there is a shortage of both macroeconomists and microeconomists.
• D)there is a surplus of both macroeconomists and microeconomists.
• E)the labor market for economists as a whole is in equilibrium.

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Definitions:

Drawee Bank

The bank upon which a check is drawn and is responsible for paying the amount specified.

Bank Officer

An individual who holds a management or executive position within a banking institution, responsible for certain operational aspects.

Stale Check

A check that has not been cashed or deposited within a certain timeframe, typically six months, and may not be honored by a bank.

Overdraft

An extension of credit from a lending institution when an account reaches zero, allowing for a negative balance.