During a war, a government will often draft people, most of whom are presently employed, into the army. An economist, computing the real cost of the war, would be sure to include which of the following items? A. The value of the civilian goods no longer produced by the new soldiers B. The cost of feeding and clothing the new soldiers C. The dollar cost of the payroll D. The higher prices of civilian goods due to wartime shortages E. The cost of transporting the soldiers to combat

During a war, a government will often draft people, most of whom are presently employed, into the army. An economist, computing the real cost of the war, would be sure to include which of the following items? A. The value of the civilian goods no longer produced by the new soldiers B. The cost of feeding and clothing the new soldiers C. The dollar cost of the payroll D. The higher prices of civilian goods due to wartime shortages E. The cost of transporting the soldiers to combat

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter15: The Shortcomings Of Free Markets

Section: Chapter Questions

Problem 5DQ

See similar textbooks

Similar questions

How does an increase in labor-productivity increase income? a. An increase in productivity, increases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. b. An increase in productivity, decreases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. c. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate increases. d. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate decreases.
evrolet 2020 Ford Mustang Why was the car on the right more affordable in 2020, for an average household, than the car on the left in 1950? OA Price controls by the federal government. OB Economic growth OC. The car on the left has many things that the car on the right does not have (e.g., air conditioning, power steering, power brakes, automatic transmission, power windows, independent front wheel suspension, computerized systems monitoring, satellite radio, and white wall tires) OD There were fewer automobile firms in 1950, and therefore less competition which gave the firms "pricing power."
What would be the likely consequences for local employment if a large multinational corporation were to close its manufacturing plant in a small town? A. Local employment rates would increase due to the emergence of new businesses. B. Local employment rates would likely decrease due to the loss of jobs and associated spending. C. The closure would have no significant impact on local employment rates. D. The closure would increase the diversity of job opportunities in the small town.
An increase in the _____ will NOT increase the supply of labor.
The height of the supply curve (S) measures D the cost to taxpayers of drafting a worker. the value to the maitary of drafting a worker. the difference between the cost to the taxpyer and the cost to the military of drafting a worker. the opportunity coss of a potential draftee.
A. What is the equilibrium wage for retail associates? How many associates are employed at the equilibrium wage and what is the unemployment rate? B. The Tennessee state government enacts a minimum wage of $9 per hour. How many associates are employed at $9 per hour? Is there any unemployment? C. Workers successfully lobby the state legislature, and the minimum wage is raised to $11 per hour. How many associates are employed at $11 per hour? Is there any unemployment? If so, are these workers frictionally, structurally, or cyclically unemployed? (Image of Graph is attached below)
21. How does increased immigration affect the labor market? How would the equilibrium wage and the equilibrium quantity of labor be affected?
What happens to employment in country A after minimum wage is introduced?
How does an increase in the minimum wage affect the economy ?
The demand for skilled workers in the United States has been increasing. To increase the supply for skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Would you agree or disagree?
How is automation likely to affect the wage gap between skilled and unskilled workers in the long term? A. It will increase the wage gap, as skilled workers are more likely to benefit from automation. B. It will decrease the wage gap, as unskilled workers become more productive with automation. C. It will eliminate the wage gap, as all jobs become equally valued in an automated economy. D. It will have no effect on the wage gap, as automation impacts all workers equally.
The supply of Labour in the country is determined by?