When economists refer to labor, what type of workers are they referring to? Discuss the hourly wage of production worker...
When economists refer to labor, what type of workers are they referring to?
Discuss the hourly wage of production workers between
the United States and some European countries.
Homework Answers
Labor in economics means general body of wage earners. Labor can be called as any valuable service rendered by human agent in the production of wealth. The labor force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work.
Hourly labor costs ranged between EUR 5.4 and 43.5 in 2018
In 2018, average hourly labor costs in the whole economy (excluding agriculture and public administration) were estimated to be EUR 27.4 in the European Union (EU) and EUR 30.6 in the euro area. However, this average masks sizable differences between EU Member States, with the lowest hourly labor costs recorded in Bulgaria (EUR 5.4), Romania (EUR 6.9), Lithuania (EUR 9.0), Hungary (EUR 9.2) and Latvia (EUR 9.3), and the highest in Denmark (EUR 43.5), Luxembourg (EUR 40.6), Belgium (EUR 39.7), Sweden (EUR 36.6), the Netherlands (EUR 35.9) and France (EUR 35.8).
The recent recorded average hourly labor costs for US is $111.98, for Brazil $111.15 and for Canada $108.85.
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When economists refer to labor, what type of workers are they referring to? Discuss the hourly wage of production worker...
The U.S. Bureau of Labor Statistics released hourly wage figures for various countries for workers in the manufacturing...
The U.S. Bureau of Labor Statistics released hourly wage figures for various countries for workers in the manufacturing sector. The hourly wage was $30.67 for Switzerland, $20.20 for Japan, and $23.82 for the U.S. Assume that in all three countries, the standard deviation of hourly labor rates is $4.00. Appendix A Statistical Tables a. Suppose 40 manufacturing workers are selected randomly from across Switzerland and asked what their hourly wage is. What is the probability that the sample average will...
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Statistics
The U.S. Bureau of Labor Statistics released hourly wage figures for various countries for workers in the manufacturing sector. The hourly wage was $30.67 for Switzerland, $20.20 for Japan, and $23.82 for the U.S. Assume that in all three countries, the standard deviation of hourly labor rates is $4.00.a. Suppose 38 manufacturing workers are selected randomly from across Switzerland and asked what their hourly wage is. What is the probability that the sample average will be between $30.00 and $31.00?b. Suppose 33 manufacturing workers are selected...
A union of restaurant and foodservice workers would like to estimate this year's mean hourly wage,...
A union of restaurant and foodservice workers would like to estimate this year's mean hourly wage, u, of foodservice workers in the U.S. Last year's mean hourly wage was $8.08, and there is reason to believe that this year's value is greater than last year's. The union decides to do a statistical test to see if the value has indeed increased. The union chooses a random sample of this year's wages, computes the mean of the sample to be $8.45,...
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Problem 5 United States, now-a-days, outsources a lot of their computer programming works to countries like India and Bangladesh. This shift has undoubtedly led to severe reduction in wages for some programmers in the United States. a) How is this wage cut possible when the overall wages of skilled labor are rising in the United States as a whole? b) What argument would trade economists make against seeing these wage cuts as a reason to block outsourcing of computer programming...
Can the United States producers compete with producers in countries with cheap labor? What else is important to consider besides wage rates?
Can the United States producers compete with producers in countries with cheap labor? What else is important to consider besides wage rates?
Suppose labor demand in the United States is w = 24 − 0.1E, where E is...
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2. Economists argued that temporary labor wage differentials tend to be eroded by labor mobility. Consider the two markets for sheet- iron workers and steel-pipe workers in the same region. Suppose both markets are competitive. We begin in a situation in which both sheet-iron workers and steel-pipe workers earn $20 per hour. Assume that workers can switch easily between the two jobs. e. What is the long-run effect of the shock on the relative wages in the two types of...
A union of restaurant and foodservice workers would like to estimate this year's mean hourly wage, u, of foodservice workers in the U.S. Last year's mean hourly wage was $8.08, and there is reason to believe that this year's value is greater than last year's. The union decides to do a statistical test to see if the value has indeed increased. The union chooses a random sample of this year's wages, computes the mean of the sample to be $8.45,...
6. International joint ventures Which of the following statements about joint ventures are true? Check all that apply. A joint venture may suffer from the problem of two masters." Dividing joint-venture ownership equally prevents deadlocks in decision making Joint ventures lessen the distinction between local and foreign production. A new joint venture creates welfare gains when it yields previously unattainable cost reductions. The following graph shows labor markets in the United States and Mexico. The horizontal axis denotes the total...
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