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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