Suppose the money wage rate rises from $40.00 to $46.74 an hour and consumer prices rises by 14 percent. What would be the effect in the labor market?We would expectpeople to try to find a job and employed people to want to workhours.O A. fewer; shorterB. fewer; longerC. the same number of; the same number ofD. more; longerThewouldA. quantity of labor supplied; increaseO B. supply of labor; increaseO C. supply of labor; decreaseO D. quantity of labor supplied; decreaseClick to select your answer.MacBook AirDIIDDこ.吕0F9F7F8F6escF4F5F2F3F1&2$!56891234

The labor market refers to the market wherein the quantity of labor is demanded and supplied. The…

Suppose the money wage rate rises from $40.00 to $46.74 an hour and consumer prices rises by 14 percent. What would be the effect in the labor market? hours. We would expect people to try to find a job and employed people to want to work O A. fewer; shorter O B. fewer; longer O C. the same number of; the same number of O D. more; longer The would O A. quantity of labor supplied; increase B. supply of labor; increase OC. supply of labor; decrease O D. quantity of labor supplied; decrease

Suppose the money wage rate rises from $40.00 to $46.74 an hour and consumer prices rises by 14 percent. What would be the effect in the labor market? hours. We would expect people to try to find a job and employed people to want to work O A. fewer; shorter O B. fewer; longer O C. the same number of; the same number of O D. more; longer The would O A. quantity of labor supplied; increase B. supply of labor; increase OC. supply of labor; decrease O D. quantity of labor supplied; decrease

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Unemployment

Section: Chapter Questions

Problem 4CQQ

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Similar questions

What is die price commonly called in the labor market?
Other than the demand for labor, what would be another example of a 'derived demand?
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The graph on the right shows a labor markel in equilibrium. The equilibrium wage is $10 per hour. At this wage, there are people who are not working, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not working in this market? Labor supply curve O A. These people have decided not to work right now, regardless of the wage. O B. These people applied for employment at $10 per hour but were not hired by the firm. OC. These people are only willing to work for wages above the markel-clearing wage 10 O D. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor
Which of the following is not an explanation for the wage gap between workers with college education and workers without college education? O a. Workers with higher education have more human capital. O b. Unproductive workers are more likely to get a college degree. O. Workers use education as a signal. O d. Employers use education as a screening mechanism. In the short-run, the supply of high-skill workers is inelastic because O a. it takes time to develop human capital. education is costly. Oc. the wage premium is too low. Od. in the long-run, all workers can obtain the necessary skills.
What would be the predicted impact on the labor market of a decrease in non-wage income, as well as an increase in the price of machines? a. An increase in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. b. A decrease in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. C. An indeterminate change in equilibrium wage, and an increase in equilibrium quantity of labor. O d. An indeterminate change in equilibrium wage, and a decrease in equilibrium quantity of labor.
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Show the effect of each of the following events onthe market for labor in the computer manufacturingindustry.a. Congress buys personal computers for allU.S. college students.b. More college students major in engineering andcomputer science.c. Computer firms build new manufacturing plants.
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Leadbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a perfectly compel·ilive labor market. Assume tha t the market wage ra le forworkers is $150 per day.a. What rule should Leadbcily follow to hire theprofit-maximizing ammmt ol labor?b. Al the profit-maximizing level of output, the marginal product of the last worker hirro is 30 boxesof pencils per day. Calculate the price of a box ofpencils.c. Draw a diagram of the labor market fo r pencil wo.rkers (as in Figure 4 ol this chapter) next to a diagramof the labor supply and demand for Leadbelly Co. (asin Figure 3). Label the equilibrium wage and quanti tyof labor lor both the market and the lirm. How arethese d iagrams related?d. Suppose some pencil workers switch to jobs in thegrowing computer industry. On the sidc,-by-5idediagrams from part (c), show how this changeaffects the equilibrium wage and quantity o( laborlor both the pencil market and lor Leadbelly. Howdocs this change affect the marginal…
While in school, Kiki spends 20 hours a week as a computer programmer for Microsoft and studies 30 hours a week. O A. Kiki is classifieds a pait-time worker, working 30 hours a week. O B. Kiki is classified as a full- time worker, working 50 hours a week. OC. Because Kiki is a student, she is classified as a full -time worker, working 20 hours a week at a paid job. D. Because Kiki is a student, she is not classified as working. O E. Kiki is classified as a part- time worker, working 20 hours a week. Click to select your answer. F7
1. Describe with the use of diagam how the wage rate and level of employment are determined if the labor market is purely competitive