If an Excess Quantity of Labor Demanded Exists in a Free

question 353

Multiple Choice

If an excess quantity of labor demanded exists in a free market, there is a tendency for

• A) quantity supplied to rise.
• B) the wage rate to fall.
• C) quantity demanded to fall.
• D) the wage rate to rise.

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Definitions:

Culture Industry

The mass production of popular culture, administered from above, that creates needs in people that they would not otherwise have. The culture industry maintains the status quo and limits people’s critical abilities.

Economic Determinism

A classic Marxist position that views the culture and ideas of a society as heavily shaped by the economic structure of that society.

Organizational Mission Statement

A formal, written declaration of an organization's core purpose and focus that remains unchanged over time.

Communicative Construction

The process by which social realities are constructed and understood through the use of language and communication.