Question: Which of the following statements is true? a. At the equilibrium wage rate, the quantity demanded of labor exceeds the quantity supplied of labor. b.

Which of the following statements is true?

a. At the equilibrium wage rate, the quantity demanded of labor exceeds the quantity supplied of labor.

b. At the equilibrium wage rate, the quantity supplied of labor exceeds the quantity demanded of labor.

c. At wages below the equilibrium wage rate, the quantity demanded of labor exceeds the quantity supplied of labor.

d. At wages above the equilibrium wage rate, the quantity demanded of labor exceeds the quantity supplied of labor.

Please complete the following sentence: Extractive institutions control political power to ____

a. Enforce property rights and an equitable legal system.

b. Allow new businesses to enter and compete in a market.

c. Transfer resources from the ruling party to society.

d. Transfer resources from society to the ruling party.

In the Solow growth model of Chapter 8, the main determinant of output per worker is: A) kapital per worker. B) government spending. C) technology per worker. D) consumer spending.

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