Discuss the validity of the following statement: “Given the clear predictions provided by economic theory, empirical work relating to the construction of labor market policies does not provide any added value.”

Consider Special City that manufactures light fixtures that are sold around the world. Draw their base case Labor Market graph. Now assume there is a national shortage of glass that Special City manufacturers use to create their light fixtures. Show what would be the effect on your Labor Market graph. Lastly, assume the manufacturers change their manufacturing process to use less glass but inadvertently create a very noticeable increase in the smog levels that makes it hard to breathe. Show another variation to reflect the change in your labor market graph, be sure to indicate the effects of the changes on for each of these market changes or combine the graphs, just be sure the changes and new equilibria are legible:

Weber coined the term Protestant Work Ethic and defined proper workplace behavior as working for more than the benefit of oneself; or working just for profit. A characteristic of the protestant work ethic is wealth creation based on increased productivity and better use of resources. Do you think there are generational differences between why baby-boomers work and today’s millennial's (Gen-Y)? Discuss your perceptions.

Classify each scenario based on whether it is an example of a compensating differential. Compensating differential Answer Bank Jobs requiring doctoral degrees pay more than jobs requiring bachelor's degrees. Nurses working the night shift get paid more than nurses working during the day. High-rise construction jobs pay more than other types of construction jobs. Union workers get paid more than non-union workers in the same industry. Not a compensating differential

Calculate the labor and capital share of output: Y=ALαK1-α A= 1.5 α= 0.5 L=Labor  K= Capital Factor Markets: Labor Supply (L^S)= 100 Labor Demand (L^D)= 200-5(W/P) Supply of Capital (K^S) = 100 Demand for Capital (K^D)= 200-4(R/P) (W/P)= real wage rate (R/P)= real rental rate

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Consider the standard Harris-Todaro framework for rural-urban migration from class. I.e. there is a minimum wage in the formal urban sector and urban residents who fail to get a formal sector job wind up unemployed. In contrast, the agricultural labor market has no frictions. Now let's imagine that, due to climate change and mismanagement of water resources, the water table falls, reducing the marginal product of labor - and hence the wage - in the rural, agricultural sector. What effect would this have on the unemployment rate in urban areas? Choose the best option   A. The urban unemployment rate would go up.   B. The urban unemployment rate would stay the same.   C. There is not enough information to determine what will happen to the urban unemployment rate.   D. The urban unemployment rate would go down.

All of the below statements reflect the views regarding "human capital" expressed in chapter 6 of the book Naked Economics, EXCEPT for this one. Please select the statement that DOES NOT reflect what Wheelan has written in this chapter. Group of answer choices   Human capital is much more than earning more money. It makes us better parents, more informed voters, more appreciative of art and culture....   Technology displaces workers in the short run but does not lead to mass unemployment in the long run.   Improvement in human capital and technology is a painless process with no immediate or short-term negative effects upon any person in that economy.   Studies indicate that in low-income countries each additional year of schooling reduces the probability of infant mortality by 5-10%.

Consider a simple demand-and-supply model of a competitive labour market in a small town. The demand and supply curves for labour are given by Demand: w= 22 - 3LD Supply: w=4+3LS where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands of hours per month). a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points with labour hours value of 0 and 5 to draw the lines. Label the lines properly. Carefully follow the instructions above, and only draw the required objects. C Wage ($ per hour) 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Labour Market 2 3 4 1 Labour (thousands of hours per month) + 5