Question

The aggregate supply of labor is the A) total amount of time a person works over his or her lifetime. B) total amount of time a person spends in the labor force over his or her lifetime. C) unemployment rate. D) sum of the labor supplied by everyone in the economy.

Answer 1

Answer:

D) sum of the labor supplied by everyone in the economy.

Explanation:

Aggregate supply of labour is a measure of total number of people that are working and recoevong wages in am economy per unit time. It is not the total population in am economy. It is the number of hours employees are willing to work in a given period of time. For example workers may generally be willing to work for 40 hours per week. There will be a general decline in aggregate supply of labor for instance if total number of hours reduces to 20 hours per week.

Answer 2

Answer:

Sum of the labor supplied by everyone in the economy ( D )

Explanation:

The aggregate supply of labor is the sum of the labor supplied by everyone in the economy usually at a place of work/production.

The individual labor supply in an economy makes up the Aggregate supply of labor because when all the labor efforts of the individual labors are pooled together the production of goods and services will be more efficient rather than when each individual performs disjointed production operations.

The total amount of time a person spends in the labor force over his or her lifetime is a seen as an individual labor supply and not an aggregate supply of labor