Which of the following is an exogenous variable in the standard model of labor supply?
A) the wage in an alternative industry
B) the wage in that industry
C) the population size
D) the rental price of capital
E) both A and C.
Correct Answer:
Verified
Q12: An endogenous variable
A) is the independent variable
Q13: Suppose the labor demand curve shifts downward.Which
Q14: An economic model examines how a(n)affects a(n).
A)
Q15: Normative economics is
A) the prescriptive part of
Q16: What is the equilibrium wage?
A) 1
B) 2
C)
Q18: Which of the following is not a
Q19: If the price of capital decreases,the labor
Q20: A mathematical model
A) contains only exogenous variables.
B)
Q21: If wages are below the wage level
Q22: Which of the following is not true
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