Using a graph, show how each of the following labor markets (assumed to be competitive and initially in equilibrium) is affected by the following changes. Explain your reasoning fully
a. Labor market for math and science teachers.Wages available in private industries utilizing these skills rise.
b. Labor market for university professors. College enrollments
expand.
c. Labor market for low-skilled workers. The 1996 federal welfare
legislation requires that a much larger fraction of welfare
recipients work than in the past.
(a) Supply of labor in academic industry fall, since teachers move to private industries being attracted by higher wage offered by private sector. Therefore, in academic industry, labor supply curve shifts to left and in private industry, labor supply curve shifts to right.
(b) Higher college enrollments will increase the demand for labor in university professors' labor market. The labor demand curve will shift to right, raising wage rate and equilibrium quantity of labor.
(c) Supply of low-skilled workers will rise, because welfare recipients mostly comprise lower-educated workforce. Labor supply curve shifts to right, decreasing wage rate and increasing quantity of labor.
Using a graph, show how each of the following labor markets (assumed to be competitive and...
According to the article (pictured below), why are people in
Shenzhen not worried about Trump's threat of bringing back jobs
from China? Your answer should focus on the culture and
socialization in China.
SHENZHEN, China-U.S. President-elect Donald Trump's threat to compel Apple Inc. and others to manufacture more at home should strike fear into this Chinese megacity where many of the world's high-tech gadgets are made. Once a sleepy village, Shenzhen today is the sprawling epicenter of China's consumer-electronics industry,...
Questions 1. 20-3. Identify the key advantage of each of the six candidates. Identify their key limitation. Rank- order the candidates, from the most to least qualified, for the position of Managing Director of TCT India. 2. 20-4. What operational and personal challenges might the person you recommend encounter if named managing director? 3. 20-5. What steps would you recommend your preferred candidate take to manage those challenges? 4. 20-6. What are the pros and cons of posting a foreign...
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Budgetary Policy and Economic Growth Errol D'Souza The share of capital expenditures in government expenditures has been slipping and the tax reforms have not yet improved the income...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...