Suppose the unemployment rate is very low. It will be ___ for firms to find workers to hire, and it will be ___ for workers to find jobs. Thus, ___ will have relatively more bargaining power than ___. As the unemployment rate gets low, the wage will ___.
Suppose the unemployment rate is very low. It will be ___ for firms to find workers to hire, and it will be ___ for workers to find jobs. Thus, ___ will have relatively more bargaining power than ___.
As the unemployment rate gets low, the wage will ___. Thus, if the unemployment rate were ever to approach zero, the wage rate would become ___.
Homework Answers
Suppose the unemployment rate is very low. It will be HARD for firms to find workers to hire, and it will be EASY for workers to find jobs. Thus, WORKERS will have relatively more bargaining power than FIRMS.
As the unemployment rate gets low, the wage will INCREASE. Thus, if the unemployment rate were ever to approach zero, the wage rate would become BECOME EXTREMELY HIGH, DISCOURAGING FURTHER HIRING.
Add Answer to:
Suppose the unemployment rate is very low. It will be ___ for firms to find workers to hire, and it will be ___ for workers to find jobs. Thus, ___ will have relatively more bargaining power than ___. As the unemployment rate gets low, the wage will ___.
Even in the absence of collective bargaining, workers do have bargaining power that allows them to...
Even in the absence of collective bargaining, workers do have bargaining power that allows them to receive wages higher than their reservation wage. Each worker’s bargaining power depends both on the nature of the job and the economy-wide labor market conditions (taking into consideration the conditions of COVID 19 Quaratine). 1.) Suppose that for a given labor market condition, specific worker bargaining power throughout the economy increases. Identify at least 3 types of jobs whose bargaining power increased (because of...
Firms that buy inputs from suppliers have more bargaining power when: A. the costs of switching...
Firms that buy inputs from suppliers have more bargaining power when: A. the costs of switching suppliers are low B. the suppliers sell highly differentiated products C. there are many other buyers in the market D. they purchase a relatively small quantity of product If a firm successfully differentiates its product from other products in the market, then we should expect the elasticity of demand for the differentiated product to become: A. retain the same elasticity of demand B. more...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to pay workers such high wages. One business owner said, "No business owner should have to let the government decide how to run their business." Assume the unemployment rate is extremely low at the Federal minimum wage of $7.25; there is no "extra" or surplus labor in the economy. In fact, employers are claiming they can't find workers to fill positions. (Zero unemployment is unachievable...
2. (20 points) How will the following changes affect the natural rate of unemployment? Identify the...
2. (20 points) How will the following changes affect the natural rate of unemployment? Identify the type of unemployment that will be affected and the direction of the change. a. The government reduce the length of time a worker may receive unemployment benefits. Frictional Unemployment would be reduced a lower the natural rate of unemployment b. More teenagers delay looking for jobs until after they complete their college education. Frictional unemployment woulld be reducedd lowered natural Rate of unemployment c....
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...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
Read article on the minimum wage: To complete this activity: 1. Prepare a response to the...
Read article on the minimum wage:
To complete this activity:
1. Prepare a response to the following discussion prompts, based
on the article: Help the Working Poor, but Share the Burden.(see
attached)
(a) Discuss the costs and the benefits associated with
increasing the minimum wage.
(b) If you were are congressional member and had to vote on an
increase in the minimum wage to say $10 per hour would you? Why or
why not?
Help the Working Poor, but Share...
Structural unemployment is caused by changing patterns of labor demand. real wages being inflexible downward. high...
Structural unemployment is caused by changing patterns of labor demand. real wages being inflexible downward. high costs of occupational and/or geographic adjustment. All of these 2.5 points QUESTION 13 Suppose an employment contract includes a no-quit clause. How does the answer to the question “Who pays for general training?” depend on the no-quit clause? Workers pay for their general training with or without the no-quit clause With the no-quit clause, the firm can pay for general training With the...
answers the question crease in taxes bot vers the question. 17) When the policy rate increases...
answers the question crease in taxes bot vers the question. 17) When the policy rate increases 17) A) IS curve shifts to the right. B) IS curve shifts to the left. C) IS curve does not change. D) LM curve shifts downward. E) LM curve shifts upward. 18) Which of the following does not represent a "labor market rigidity" to which critics refer when discussing unemployment in Europe? A) restrictive monetary and fiscal policies B) generous unemployment insurance O relatively...
If the Bank of Canada were to miscalculate the NAIRU (non-accelerating inflation rate of unemployment) as...
If the Bank of Canada were to miscalculate the NAIRU (non-accelerating inflation rate of unemployment) as being 10% when in fact it was 12%, it might cause O A. consumers to spend more than they intended, because the Bank of Canada misled them about the unemployment rate. O B. a reduction in the natural rate of unemployment, because it would be allowing inflation to occur. O c. a one-time reduction in unemployment, because of a one-time increase in the money...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to pay workers such high wages. One business owner said, "No business owner should have to let the government decide how to run their business." Assume the unemployment rate is extremely low at the Federal minimum wage of $7.25; there is no "extra" or surplus labor in the economy. In fact, employers are claiming they can't find workers to fill positions. (Zero unemployment is unachievable...
2. (20 points) How will the following changes affect the natural rate of unemployment? Identify the type of unemployment that will be affected and the direction of the change. a. The government reduce the length of time a worker may receive unemployment benefits. Frictional Unemployment would be reduced a lower the natural rate of unemployment b. More teenagers delay looking for jobs until after they complete their college education. Frictional unemployment woulld be reducedd lowered natural Rate of unemployment c....
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
Read article on the minimum wage:
To complete this activity:
1. Prepare a response to the following discussion prompts, based
on the article: Help the Working Poor, but Share the Burden.(see
attached)
(a) Discuss the costs and the benefits associated with
increasing the minimum wage.
(b) If you were are congressional member and had to vote on an
increase in the minimum wage to say $10 per hour would you? Why or
why not?
Help the Working Poor, but Share...
answers the question crease in taxes bot vers the question. 17) When the policy rate increases 17) A) IS curve shifts to the right. B) IS curve shifts to the left. C) IS curve does not change. D) LM curve shifts downward. E) LM curve shifts upward. 18) Which of the following does not represent a "labor market rigidity" to which critics refer when discussing unemployment in Europe? A) restrictive monetary and fiscal policies B) generous unemployment insurance O relatively...
If the Bank of Canada were to miscalculate the NAIRU (non-accelerating inflation rate of unemployment) as being 10% when in fact it was 12%, it might cause O A. consumers to spend more than they intended, because the Bank of Canada misled them about the unemployment rate. O B. a reduction in the natural rate of unemployment, because it would be allowing inflation to occur. O c. a one-time reduction in unemployment, because of a one-time increase in the money...
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