If the Real Wage Rate Decreases from $14

question 203

Multiple Choice

If the real wage rate decreases from $14.00 per hour to $13.00 per hour,the

• A)quantity demanded of labor increases.
• B)demand for labor increases.
• C)quantity supplied of labor increases.
• D)supply of labor increases.
• E)equilibrium quantity of employment must decrease.

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Definitions:

Agricultural Surplus

Excess production in agriculture beyond what the producer's community needs for consumption.

Entrepreneurial Abilities

The skills and qualities that enable an individual to identify opportunities, allocate resources, and create value or start a business.

Housing Discrimination

The illegal practice of denying an individual or group the opportunity to buy or rent housing based on race, gender, ethnicity, religion, or other protected status.

William Levitt

An American real-estate developer recognized for popularizing the concept of mass-produced suburbia with his development of Levittown.