How will each of the following scenarios impact the market for labour Workers become more concerned about the future and therefore wish to increase their hours of work. At the same time, there is an increase in the capital stock, which makes workers more productive. Impact on supply of labour Impact on demand for labour Impact on wage rate Impact on employment level How will each of the following The country receives an influx Choose... Choose... change in quantity is uncertain increase wage rate decrease employment shift outwards / to the right increase employment shift inwards / to the left employment unchanged curve unchanged (movement along the curve) decrease wage rate wage rate unchanged change in wage rate is uncertain

While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?

If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?

What is die price commonly called in the labor market?

Does a gap between the average earnings of men and women, or between whites and blacks, prove that employers are discriminating in the labor market? Explain briefly.

If immigration is reduced, what is the impact on the wage for low-skilled labor? Explain.

Compared with the share of workers in most other high-income countries, is the share of U.S. workers whose wages are determined by union bargaining higher or lower? Why or why not?

Are U.S. unemployment rates distributed evenly across the population?

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?

Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.