1. Define the Labor Participation Rate (LFP). Then, for each of the following explain what is likely to happen to the LFP if: a. The Federal Minimum Wage is abolished b. The minimum working age is raised from 16 to 18 c. The economy is in the midst of a prolonged recession

suppose there is an adverse supply shock. It would  a. Shift the production function up and decrease marginal products at every level of employment  b. Shift the production function down and decrease marginal products at every level of employment  c. Shift the production function up and increase marginal products at every level of employment  d. Shift the production fun going down and increase marginal products at every level of employment

6. What Causes Changes in Unemployment over the Short Run and Long Run?

The following questions all relate to the labour market. What is the participation rate? How does it affect unemployment (all else held constant)? How does labour market flexibility affect unemployment? Give an example of a policy that increases labour market flexibility and explain how it does so. What is the idea of "efficiency wages"? Give two reasons why "efficiency wages" might be paid?

Please type answer not by pen paper

3) a. In general, unemployment rates are higher for    workers in lower-skilled occupations, Hispanics, women, and less-educated workers. less-educated workers, African Americans, workers in lower-skilled occupations, and women. African Americans, Hispanics, workers in lower-skilled occupations, and less-educated workers. African Americans, Hispanics, women, and less-educated workers.     b. The average length of time people are unemployed rises during a recession because     most workers receive unemployment compensation and don’t want to work. retraining takes longer during recessions. unemployment compensation is equal to what people would earn if they were working. businesses continue to lay off workers as a result of the decrease in demand.

An increase in labour participation rate will lead to a. A higher equilibrium wage but lower equilibrium employment  b. A lower equilibrium wage and lower equilibrium employment  c. A higher equilibrium wage and higher equilibrium employment  d. A lower equilibrium wage but a higher equilibrium employment

Which of the following statements correctly describes the demand for labor? A. The higher the real wage rate, the greater is the quantity of labor that firms find it profitable to hire because firms can hire higher-skilled labor at higher wage rates. B. The demand for labor curve is downward sloping because hours per person increase as the real wage rate falls. C. Each additional hour of labor hired produces more additional output than the previous hour. D. The real wage rate influences the quantity of labor demanded because what matters to firms is how much output they must sell to earn the dollars they pay the workers. Click to select your answer. MacBook Air DD 000 000 F10 80 F8 F9 F7 F6 F4 F5 esc F2 F3 F1 & $ % ! @ 7 8 1 2 3 4 5 * 00

(16) Explain the difference between the U-3 measure of unemployment and the U-6 measure of unemployment. Which is the better measure of the health of the labor market? In your answer, you should define U-3 unemployed.

a) What is the equilibrium wage rate and equilibrium level of employment? A. $15 and 35 units of labor B. $20 and 15 units of labor C. $25 and 20 units of labor D. $35 and 10 units of labor b) If the government institutes a minimum wage rate at $30, the unemployment in the market will be: A. 10 units of labor. B. 15 units of labor. C. 20 units of labor. D. 25 units of labor. C) f the government fixes a minimum wage rate at $15, the unemployment in the market will be: A. 0 units of labor B. 10 units of labor C. 20 units of labor D. 30 units of labor