Refer to the Information Provided in Figure 14

question 58

Multiple Choice

Refer to the information provided in Figure 14.2 below to answer the questions that follow.
Figure 14.2
-Refer to Figure 14.2.At wage rate $15,there is a ________ of labor equal to ________ million people.

• A)surplus; 150
• B)shortage; 150
• C)shortage; 120
• D)surplus; 120

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Definitions:

National Income

A measure of the total value of all goods and services produced by a country over a specific time period, often adjusted for inflation and excluding net income from abroad.

Budget Deficit

A situation where a government's expenditures exceed its revenues, resulting in the need to borrow money to cover the shortfall.

Government Spending

All expenditures made by government agencies on goods, services, and projects to achieve economic and social goals.

Tax Revenue

The revenue collected by governments from taxes, which finances public services and government commitments.