Homework Answers
(1) A decrease in tax will shifts the labor supply curve outward (rightward) or increase the labor supply. Because after-tax wages increase, keeping other things constant, people start working more.
Answer: Option (D)
(2) An increase in expected future income will shift the labor supply curve to inward (leftward), because if expected future income rises, then the people decrease the working hour.
Answer: Option (D)
(3) A decrease in transfer payments and non-labor income will shift the labor supply curve to the outward (rightward). because people will start working more.
Answer: Option (C).
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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 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...
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 5. wages...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 5. wages are wages that do not quickly adjust in a downward direction, leading to unemployment. The minimum wage is set by the provincial government and represents a that wages cannot go blow One of the effects of minimum wage is that it people to look for jobs that are not available Social or implicit contracts are agreements that firms will not reduce wages during 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....
Economic Growth Skills Check Economic Growth Skills Check Increases in the availability or amount of labour and cap...
Economic Growth Skills Check Economic Growth Skills Check Increases in the availability or amount of labour and capital will A Shift the long-run supply curve to the right B. Not change the position of the long-run supply curver C. Shift the long-run supply to the left D. Decrease the output potential of the economy Capital is A Domestic money available for investment B. Annual investment in building & equipment C The stock of structures and equipment used to produce good...
Question When we put supply and demand together, we have: equilibrium a market a surplus a...
Question When we put supply and demand together, we have: equilibrium a market a surplus a shortage Question Recall the video "Supply and Demand Shifts: Coffee Negative Supply Shock." The ice-storm causes the ______ curve to shift to the left. Price _______ and so manufacturers spend _______ trying to get everything out of their fields. demand; increases; more time and labor supply; increases; less time and labor supply; decreases; less time and labor supply; increases; more time and labor Question...
2) A decrease in the real wage A) unambiguously increases consumption and increases labour supply. B)...
2) A decrease in the real wage A) unambiguously increases consumption and increases labour supply. B) increases consumption and has an ambiguous effect on labour supply. C) has an ambiguous effect on consumption and increases labour supply. D) has an ambiguous effect on both consumption and labour supply. E) decreases consumption and has an ambiguous effect on labour supply. 3) If labour supply curve is downward sloping, then A) There is no substitution effect B) Substitution effect is exactly equal...
12. When the Federal Reserve increases the money supply, at a given price level the amount...
12. When the Federal Reserve increases the money supply, at a given price level the amount of output demanded is and the aggregate demand curve shifts a. greater, inward b. greater, outward c. lower, inward d. lower, outward 13. Aggregate supply is the relationship between the quantity of goods and services supplied and the a. Money supply b. Unemployment rate c. Interest rate d. Price level If a short-run equilibrium occurs at a level of output above the natural level,...
1. If the money demand does not depend on the interest rate, then the LM curve...
1. If the money demand does not depend on the interest rate, then the LM curve ______. a. is horizontal b. is vertical c. shifts up to the right d. shifts down to the right 2. If money demand becomes more income elastic, the LM curve will __________. a. become flatter b. shift to the right c. become stepper d. shift to the left 3. The labour force is defined as _________. a. the total number of working age individuals...
6. How would each of the following affect Helena's labour supply decision? Be specific on what...
6. How would each of the following affect Helena's labour supply decision? Be specific on what happens to her individual labour supply curve. Remember to mention income effect and substitution effect. a) The value of Helena's home triples in an unexpected hot real estate market. b) Originally an unskilled worker, Helena acquires skills that give her access to a higher-paying job. c) A temporary income tax surcharge raises the percentage of her income that she must pay in taxes.
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...
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 5. wages are wages that do not quickly adjust in a downward direction, leading to unemployment. The minimum wage is set by the provincial government and represents a that wages cannot go blow One of the effects of minimum wage is that it people to look for jobs that are not available Social or implicit contracts are agreements that firms will not reduce wages during 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....
Economic Growth Skills Check Economic Growth Skills Check Increases in the availability or amount of labour and capital will A Shift the long-run supply curve to the right B. Not change the position of the long-run supply curver C. Shift the long-run supply to the left D. Decrease the output potential of the economy Capital is A Domestic money available for investment B. Annual investment in building & equipment C The stock of structures and equipment used to produce good...
12. When the Federal Reserve increases the money supply, at a given price level the amount of output demanded is and the aggregate demand curve shifts a. greater, inward b. greater, outward c. lower, inward d. lower, outward 13. Aggregate supply is the relationship between the quantity of goods and services supplied and the a. Money supply b. Unemployment rate c. Interest rate d. Price level If a short-run equilibrium occurs at a level of output above the natural level,...
6. How would each of the following affect Helena's labour supply decision? Be specific on what happens to her individual labour supply curve. Remember to mention income effect and substitution effect. a) The value of Helena's home triples in an unexpected hot real estate market. b) Originally an unskilled worker, Helena acquires skills that give her access to a higher-paying job. c) A temporary income tax surcharge raises the percentage of her income that she must pay in taxes.
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