The participation rate and hours correspond to the extensive and intensive margins, respectively. The “extensive margin”...
The participation rate and hours correspond to the extensive and intensive margins, respectively. The “extensive margin” refers to whether or not to work, and the “intensive margin” refers to how many hours, once one has decided to work (in line with the labor-leisure model of the household).
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The participation rate and hours correspond to the extensive and
intensive margins, respectively. The “extensive margin”...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wa...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
1. The reservation wage likely increases when A. the price of consumption increases. B. the wage...
1. The reservation wage likely increases when A. the price of consumption increases. B. the wage increases. C. the price level (of consumption and wages) increases. D. non-labor income increases. E. one is a discouraged worker. 2. Due to the added worker effect, the labor force participation rate A. increases during a recession. B. decreases during a recession. C. a fairly useless statistic. D. over-counts the number of workers wanting a job. E. over-counts the number of workers with a...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns...
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour....
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour. Draw Chilhong's budget line in a diagram with leisure and labor supply on the horizontal axis and income per day on the vertical axis. Say Chilhong chooses to earn W 100,000 per day. How much is Chilhong's leisure at the equilibrium? 1. 2. How much is Chilhong's labor supply at the equilibrium? Now suppose there is a negative income...
11. Given the following data, what is the labor force participation rate? Populatiorn Civilian, non-institutionalized population,...
11. Given the following data, what is the labor force participation rate? Populatiorn Civilian, non-institutionalized population, age 16 and over Employed persons Unemployed persons 200 million 150 million 100 million 50 million 66.7% b. 75% 80% d. 84% e. 100% a. с. 12. In problem 11, how many NILFs were there? a. none e. I don't know; I was expecting some kind of joke about your mom b. 50 million c. 100 milliond. 200 million 13. If discouraged workers all...
Labor Economics, multiple choice questions 1. In the leisure-income model, the wage constraint shows a. the...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
Suppose an individual has 40 hours to work. Suppose also the individual has a net wealth...
Suppose an individual has 40 hours to work. Suppose also the individual has a net wealth outside the labor market of 100$. Suppose the wage rate is equal to 20 $ per hour. Graph the budget constraint. Suppose the marginal rate of substitution between consumption (C) and leisure (l) is equal to h−l 100c . What will a utility maximizing consumer choice between labor and consumption be? Suppose the wage falls to 5 2 $ per hour. What is the...
INCOME (Dollars) Kate has 80 hours per week to devote to working or to leisure. She...
INCOME (Dollars) Kate has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as she likes. The following graph illustrates Kate's weekly income-lelsure tradeoff. The three lines labeled BC, BC, and BC illustrate her time allocation budget at three different wages; points A, B, and C show her optimal time allocation choices along each of these constralints BC 1200 BC 800...
Labor Economics 9. Phil's wage increases and Phil responds by working more hours. Which of the...
Labor Economics
9. Phil's wage increases and Phil responds by working more hours. Which of the following could explain this? a. Phil's substitution effect is larger than his income effect b. Phil views leisure as an inferior good. c. Phil's income effect is larger than his substitution effect d. Both b and c f. Phil died, but was brought back to life with an alien serum in a plot twist no one saw because they gave up after episode 5....
1. Janet's utility depends on consumption c and leisure l. She earns a wage equal to...
1. Janet's utility depends on consumption c and leisure l. She earns a wage equal to w per hour, has an investment income equal to M(greater than or equal to) 0 and needs to sleep at least 8 hours a night. Normalize the price of consumption goods at $1. (i) Draw her indifference curves between hours of leisure and consumption, her budget line and her equilibrium choice of c and l. What is the slope of the budget line and...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
Gina works at a diner. She has 100 hours each week to spend at labor/leisure, earns a wage of $15 per hour, and works in a fancy modern restaurant that doesn't involve tips from customers. She has no sources of non-labor income, but she does have to pay $200 per week in childcare for her precious baby Carlos (regardless of how many hours she actually utilizes the childcare). Her utility function is U 1. 0.001CL2 (3 points) Each week she...
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour. Draw Chilhong's budget line in a diagram with leisure and labor supply on the horizontal axis and income per day on the vertical axis. Say Chilhong chooses to earn W 100,000 per day. How much is Chilhong's leisure at the equilibrium? 1. 2. How much is Chilhong's labor supply at the equilibrium? Now suppose there is a negative income...
11. Given the following data, what is the labor force participation rate? Populatiorn Civilian, non-institutionalized population, age 16 and over Employed persons Unemployed persons 200 million 150 million 100 million 50 million 66.7% b. 75% 80% d. 84% e. 100% a. с. 12. In problem 11, how many NILFs were there? a. none e. I don't know; I was expecting some kind of joke about your mom b. 50 million c. 100 milliond. 200 million 13. If discouraged workers all...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
INCOME (Dollars) Kate has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a week as she likes. The following graph illustrates Kate's weekly income-lelsure tradeoff. The three lines labeled BC, BC, and BC illustrate her time allocation budget at three different wages; points A, B, and C show her optimal time allocation choices along each of these constralints BC 1200 BC 800...
Labor Economics
9. Phil's wage increases and Phil responds by working more hours. Which of the following could explain this? a. Phil's substitution effect is larger than his income effect b. Phil views leisure as an inferior good. c. Phil's income effect is larger than his substitution effect d. Both b and c f. Phil died, but was brought back to life with an alien serum in a plot twist no one saw because they gave up after episode 5....
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