Due to the implementation of the new minimum wage... O a. The number of people unemployed in this market would rise from 0 to 10. O b. The number of people unemployed in this market would rise from 15 to 20. O c. Companies are unable to fill 10 new vacancies. O d. Companies are unable to fill 5 new vacancies

Due to the implementation of the new minimum wage... O a. The number of people unemployed in this market would rise from 0 to 10. O b. The number of people unemployed in this market would rise from 15 to 20. O c. Companies are unable to fill 10 new vacancies. O d. Companies are unable to fill 5 new vacancies

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 40P: Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such...

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Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answer with supply and demand diagrams.
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
Name some factors that can cause a shift in the demand curve in labor markets.
Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?
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
The equilibrium wage in a local labor market is $10 per hour. If a minimum wage of $15 per hour is imposed, which of the following will occur? Select one: a. There will be a decrease in the quantity of labor supplied by households. O b. There will be an increase in unemployment. O c. All of these will occur. O d. There will be an increase in the quantity of labor demanded by firms.
Figure 18-2 Wage 4 Supply Demand Quantity of Labour (# of apple pickers) Refer to Figure 18-2. If the price of apples increases, what will happen to the wage and the hiring of apple pickers? O a. The wage will decrease, and fewer apple pickers will be hired. O b. The wage will decrease, and more apple pickers will be hired. О с. The wage will increase, and more apple pickers will be hired. Od. The wage will increase, and fewer apple pickers will be hired.
At the current starting salary of $18,000 per year, the number of new business school graduates demanded is 100,000 a year and the number supplied is 120,000. Based on this information, you can conclude that Select one: O a. there's a shortage of new business school graduates in the market. O b. the equilibrium wage of business school graduates is more than $18,000 per year. the equilibrium wage of business school graduates is less than $18,000 per year. O d. the labor market for new business school graduates is in equilibrium.
Suppose the money wage rate rises from $40.00 to $46.74 an hour and consumer prices rises by 14 percent. What would be the effect in the labor market? We would expect people to try to find a job and employed people to want to work hours. O A. fewer; shorter B. fewer; longer C. the same number of; the same number of D. more; longer The would A. quantity of labor supplied; increase O B. supply of labor; increase O C. supply of labor; decrease O D. quantity of labor supplied; decrease Click to select your answer. MacBook Air DII DD こ. 吕0 F9 F7 F8 F6 esc F4 F5 F2 F3 F1 & 2$ ! 5 6 8 9 1 2 3 4
Figure 18b This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. 0 S D₁ What is measured along the vertical axis on the graph? O a. the wage paid to automobile workers O b. time spent by workers producing automobiles O c. the quantity of automobiles produced O d. the price of automobiles L
10 10 20 30 40 50 60 Quantity (millions of hours per year) The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $10 per hour is imposed. Unemployment will equal O a. 10 million hours per year. Ob. 20 million hours per year. O c. 30 million hours per year. O d. O hours. Wage rate (dollars per hour)
A new law requires employers to provide health benefits to all workers who are employed more than 10 hours per week. This law results in a $3 per hour increase in the cost of the equilibrium hiring workers. The law is likely to the demand for labor and wage paid to workers. O increase: decrease increase : increase decrease: decrease decrease: increase ASUS