Which of the following factors contribute to economicgrowth? a)an increase in the proportion of the population that iscollege educated b)an increase in theaverage wage rate paid to workers c)an increase in thestandard of living d)a decrease in theproductivity of labor
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Which of the following factors contribute to
growth
a)
an increase in the proportion of the population that is
college educated
b)
an increase in the
average wage rate paid to workers
c)
an increase in the
standard of living
d)
a decrease in the
productivity of labor
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- Recently NJ chose to increase the minimum wage, who are the winners andlosers? Why? Make sure to draw a graph to support your answer. What is analternative solution?A tariff on an imported good lowers the price in the domestic market and raises the price the domestic producer receives. True False Quotas, unlike tariffs, do not make imported goods more expensive. OTrue False Welfare economics is the study of how the allocation of resources affects economic well-being. OTrue False A consumer's willingness to pay for a good is defined by the slope of the supply curve. True OFalse Equality is the distribution of economic prosperity to only the richest members of society. True False o 11ah-97-3-c318e45d32f9.png?x-oss-process=imaa. Draw the wage-schooling locus for someone for whom the returns to schooling decrease through college but increase after college. (Assume college is completed after 16 years of schooling and that one can receive at most 6 years of postcollege schooling.) b. On a new graph, plot the marginal rate of return to schooling implied by the wage-schooling locus described in part a. c. What can be said about a college graduate who faces the wage-schooling locus described in part a?
- Why Caltie is evapertant in glehel wopertant in glabal MaA visiting American executive finds that a foreign subsidiary inBangladesh has hired a 12-year-old girl to work on a factoryfloor, in violation of the company's prohibition on child labour.He tells the local manager to replace the child and tell her to goback to school. The local manager tells the American executivethat the child is an orphan with no other means of support, andshe will probably become a street child if she is denied work. explain Cultural Relativist based on the statement givenWhat goods and services would you include in an estimate of the basic necessities for a family of four?
- Other than the demand for labor, what would be another example of a 'derived demand?Which of the following is NOT a common criticism of the focus on economic efficiency as a measure of welfare? Economic efficiency is based only on results and not on process. O The assumption that willingness to pay measures marginal benefit ignores ability to pay. OA situation can be economically efficient but also considered to be unfair. OUsing monetary values for measurements ignores feelings and perceptions.Explain why child labour could actually be pareto-optimal.
- what is the defenition of economic well-beingmicroeconomics question what would the equity and efficiency effects of raising the minumum wage to $20/hr be?> Figure 1 $ of consumption per year 30000 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 Warren 333 0 0 200 400 600 sample indifference curves Refer to Figure 1 What is Warren's wage per hour? 1166 800 1000 1200 1400 1600 1800 2000 2200 Hours of leisure per year Suppose all workers have 2000 hours to spend in work or leisure. Figure 1 displays sample indifference curves and a budget constraint corresponding to no income redistribution program for Warren.
