1. Typically if real wages fall, the quantity demanded of labor rises. If workers agree to 3 percent wage increases for a four-year period and inflation is more than 3 percent, then, based on this information alone,

• The quantity demanded of labor will fall.
• The demand. but not the quantity demanded. for labor will fall.
• Workers will have higher real wages because they get paid more.
• Workers must experience money illusion.
• The quantity demanded of labor will increase, because real wages fell.

2. Economic growth is defined as the percent change of

• Real per capita gross domestic product (GDP).
• Population.
• Per capita gross domestic product (GDP).
• Gross domestic product (GDP).
• Real gross domestic product (GDP).

3. Professor Zebrowski's business class has 25 students. Six students in the class have part-time jobs and go to school full-time. Two students in the class have full-time jobs and go to school part-time. Three students in the class are looking for part-time jobs. How many students in the class count as part of the labor force?

• 14
• 25
  
• 8
• 11
• 9