Homework Answers
(4) Nominal wages are wages that do not quickly adjust downward.
(5) Minimum wage set by government represents a binding price floor below which wages cannot go.
(6) Minimum wage encourages people to look for jobs (increasing quantity of labor supplied).
(7) Social contracts are that firms will not reduce wages during recession.
(8) Real wages stay the same (real wage = nominal wage / Price level) if nominal wage and price level increase by same %.
(9) Unexpected increase in wealth decreases labor supply.
(10) Decreasing tax rates increase labor supply (since after-tax wage income increases).
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The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 5. wages...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 4. A...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 4. A shift in the labour supply will A. Be larger for a change that is viewed as permanent 8Bo larger for a change that is viewed as temporary C Depends on the nominal wage D. Depends on the real wage 5. As wages rise, more people are encourage to A Reduce their work hours 8. Seok volunteer jobs C. Give up somo leisure D. Take...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check The supply...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check The supply of labour will decrease or shift inward because of A decrease in expected future income 2. Inatoustion Part 2 Circle the letter of the item that correctly completes each of the following statements. The supply of labour will Increase or shift outward because of A. A higher wage A lower wage 1. C. An increase in expected future income The supply of labour increase...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check Intriction Part...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check Intriction Part 2 Circle the letter of the item that correctly completes each of the following statements. The supply of labour will increase or shift outward because of A. A higher wago B. A lower wage C An increase intares D A decrease in taxes 2. The supply of labour will decrease or shift inward because of A. A decrease in expected future income 8. A...
D. The maximum wage you can earn for an entry position The Labour Market & Unemployment...
D. The maximum wage you can earn for an entry position The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 8. A minimum wage will clearly benefit A Only one of them roups Two or three mead groups 10. The importance of explicit contracts is that during recessions they will A Fluctuale by the amount of the contract 8. Automatically adjust because of escalator clause Not fuctuate D. Increase the effects of the downturn 9....
Consider an economy in which there are initially no labour unions. When labour unions are introduced,...
Consider an economy in which there are initially no labour unions. When labour unions are introduced, they successfully bargain collective agreements in about half of firms in the economy. a. Illustrate the effect of these unions on wage and employment. b. Do unions cause unemployment in this example? Explain and illustrate in your diagram (you can use the same diagram(s) as in (a) and/or add diagrams as needed). c. Does your answer in (b) depend on (i) the elasticity of...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0 125 250 375 500 625 750 875 1000 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 WAGE (Dollars per hour) LABOR (Thousands of workers) Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour)...
S. Minimum wage laws and unemployment Consider the market for labor depicted by the demand and...
Minimum wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus Hint: Be sure to pay attention to the units used...
Labour Markets: Consider a hypothetical market for low-skilled labour. For simplicity, assume the short-run supply of...
Labour Markets: Consider a hypothetical market for low-skilled labour. For simplicity, assume the short-run supply of workers is given by the equation Qs = 100 + 10w, where Qs is the quantity supplied and w is the wage. The demand curve is given by Qd = 250 − 5w, whereQd is the quantity demanded. Provide some intuition as to why the elasticities are inelastic. Supposethegovernmentweretoimplementaminimumwage(apricefloor)thatincreased the wage by 50%. Using your calculated elasticities, determine the response of workers and firms....
9. The short-run Phillips curve shows: an inverse relationship between unemployment and inflation. consequences of the...
9. The short-run Phillips curve shows: an inverse relationship between unemployment and inflation. consequences of the misperceptions theory. a direct relationship between unemployment and inflation. the optimal level of employment. 10. When workers and firms become aware of a rise in the general price level: they will not do anything, because they know they are powerless to counter any economic changes. they will agree to renegotiate wage contracts downward. firms with sticky prices will ultimately adjust their prices downward. they...
Each of the models of short-run aggregate supply is based on some market imperfection. In the...
Each of the models of short-run aggregate supply is based on some market imperfection. In the sticky-price model, the imperfection is that: Select one: a. some firms do not adjust their prices instantly to changes in demand. b. the real wage adjusts to bring labor supply and labor demand into equilibrium c. contracts and arrangements may prevent nominal wages from adjusting rapidly to changing economic conditions. d. firms confuse changes in the overall level of prices with changes in relative...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 4. A shift in the labour supply will A. Be larger for a change that is viewed as permanent 8Bo larger for a change that is viewed as temporary C Depends on the nominal wage D. Depends on the real wage 5. As wages rise, more people are encourage to A Reduce their work hours 8. Seok volunteer jobs C. Give up somo leisure D. Take...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check The supply of labour will decrease or shift inward because of A decrease in expected future income 2. Inatoustion Part 2 Circle the letter of the item that correctly completes each of the following statements. The supply of labour will Increase or shift outward because of A. A higher wage A lower wage 1. C. An increase in expected future income The supply of labour increase...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check Intriction Part 2 Circle the letter of the item that correctly completes each of the following statements. The supply of labour will increase or shift outward because of A. A higher wago B. A lower wage C An increase intares D A decrease in taxes 2. The supply of labour will decrease or shift inward because of A. A decrease in expected future income 8. A...
D. The maximum wage you can earn for an entry position The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 8. A minimum wage will clearly benefit A Only one of them roups Two or three mead groups 10. The importance of explicit contracts is that during recessions they will A Fluctuale by the amount of the contract 8. Automatically adjust because of escalator clause Not fuctuate D. Increase the effects of the downturn 9....
Minimum wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus Hint: Be sure to pay attention to the units used...
9. The short-run Phillips curve shows: an inverse relationship between unemployment and inflation. consequences of the misperceptions theory. a direct relationship between unemployment and inflation. the optimal level of employment. 10. When workers and firms become aware of a rise in the general price level: they will not do anything, because they know they are powerless to counter any economic changes. they will agree to renegotiate wage contracts downward. firms with sticky prices will ultimately adjust their prices downward. they...
Each of the models of short-run aggregate supply is based on some market imperfection. In the sticky-price model, the imperfection is that: Select one: a. some firms do not adjust their prices instantly to changes in demand. b. the real wage adjusts to bring labor supply and labor demand into equilibrium c. contracts and arrangements may prevent nominal wages from adjusting rapidly to changing economic conditions. d. firms confuse changes in the overall level of prices with changes in relative...
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