Use the Following to Answer Questions

question 24

Multiple Choice

Use the following to answer questions :
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:

Capital Stock

Capital stock represents the sum of all physical and financial assets owned by a company or country, used to facilitate production and operations.

Depreciation

The method of allocating the cost of a tangible asset over its useful life, representing how much of an asset's value has been used up.

Gross Investment

The total amount of money spent on capital goods over a specific time period without accounting for depreciation.

Disposable Income

Income that is available to households after paying taxes and receiving government transfers, used for spending or saving.