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- 19. A point on the production possibi:lities fronte reflects an e atainable point with full employmeni of ali resources E. atainable point withou: full employment of all resources e unsttainable point with full employment of all resources d unattainable point without full employment of all resources28. Older workers are: A. Much more likely to migrate than younger workers because older workers have lower moving costsB. Much less likely to migrate than younger workers because older workers are more likely to have children at homeC. Much more likely to migrate than younger workers because older workers have lower implicit costs of migratingD. Much more likely to migrate than younger workers because younger workers have stronger roots and ties to the local community31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor income
- Next C Which statement correctly describes the U.S. labor force participation rate? The U.S. labor force participation rate O A. increased from 59 percent in 1960 to 67 percent in 1999 B. for women is higher than the female labor force participation rates in Canada and the United Kingdom O C. has a downward trend that is mainly accounted for by the decreasing participation of women in the labor market D. is calculated as the percentage of the working-age population who are employed 888Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?
- Structural unemployment is sometimes said toresult from a mismatch between the job skills thatemployers want and the job skills that workers have.To explore this idea, consider an economy withtwo industries: auto manufacturing and aircraftmanufacturing.a. If workers in these two industries requiresimilar amounts of training, and if workers atthe beginning of their careers can choose whichindustry to train for, what would you expect tohappen to the wages in these two industries? Howlong would this process take? Explain.b. Suppose that one day the economy opens itselfto international trade and, as a result, startsimporting autos and exporting aircraft. Whatwould happen to the demand for labor in thesetwo industries?c. Suppose that workers in one industry cannot bequickly retrained for the other. How would theseshifts in demand affect equilibrium wages both inthe short run and in the long run?d. If for some reason wages fail to adjust to the newequilibrium levels, what would occur?QUESTION 1Which of the following is an example of an unemployed person?O. A recent college graduate who has accepted a job offer but is taking the summor off before starting their new jobO. A full-time college student focusing solely on their studiosO. A collego-oducated Starbucks barista looking for a better jobO. A stay-at-home mother of 3 childrenO. A graduate studont looking for part-time wokd. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor (MPL).
- Why does the labor force participation rate of men decrease? The labor force participation rate of men decreases in part because _______. A. fewer men have a college degree B. families are looking more toward women to be the bread winner C. men are taking more responsibility for chores in the home D. some older men retire earlier and more younger men remain in schoolEmployment and productivity Duh 90.2 1979 abom pray 1900 47000 Ser What does this graph suggest about the relationship between technology and employment? 2. Try to make the same connection between the labor market, the aggregate production function, and LRAS like the book does, but let's change the scenario. T a. Assume, unlike the book does, that robots and artificial intelligence reduce the demand for labor (by replacing it). Explain what changes you think this would cause on each of the three graphs below. (It might help to refer to Figures 9.6-9.8 in section 9.3 of the text.) med Real GDP per year Employmenty per year) 00 Priceve Paneli LAAS 4The Economist article on human capital says that human capital theory tries to answer which of the following questions? Why has each new generation spent more time in school than the one that came before? Human capital theory tries to answer all of these questions. O Why should universities charge tuition fees? Why have earnings of highly skilled workers risen even as their numbers have also increased? D Question 4 The Philips reading says that O human capital theory replaces rational expectations theory O human capital theory is an extension of the Ricardian theory of rent O human capital is a central neoclassical economic theory attempting to explain why people receive the wages that they do. all of these answers are correct many economists today reject human capital theory because of the effects of the Great Recession on the labor market human capital theory can now be used to explain the market failures associated with global warming
