Begin by locating a scholarly article regarding the effects of increases on minimum wages and discuss its findings. Does a minimum wage increase lead to reductions in employment, or is the overall effect on employment net positive? Do you agree or disagree with the results of the study? What do you think are other vital considerations that should be taken into account in the study? Discuss how conscious capitalism would approach a minimum wage increase. Provide examples to support your rationale. NOT AN ESSAY 200 words MAXIMUM
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- Ghana and Cote d'Ivoire are the world’s leading exporters of cocoa, which are grownand harvested by a large labour force that includes many children. Assume Ghana andCote d'Ivoire now outlaws the use of child labour on cocoa farms and the law is properlyenforced. Using economic theory and with the aid of diagrams, analyze what wouldhappen to employment and wages in the cocoa farming industry. Use supply anddemand curves in your analysis.What do you think is the impact of ChatGPT on the economy and job prospects, and how could it potentially change the job market? How do economists view the use of generative AI models such as ChatGPT in terms of increasing shared prosperity and reducing income inequality?Recently NJ chose to increase the minimum wage, who are the winners andlosers? Why? Make sure to draw a graph to support your answer. What is analternative solution?
- In the United States, one of the largest welfare programs is the Supplemental NutritionAssistance Program (SNAP) representing the second largest in-kind transfer programfor individuals in the US. From the abstract of the study we are told “[a] 1% increasein benefits per population raises grocery prices by a persistent 0.08%. A calibratedpartial-equilibrium model implies a marginal benefit dollar raises a recipient’s consumersurplus from groceries by $0.7, producer surplus by $0.5, and lowers each non-SNAPconsumer’s surplus by $0.05.” In other words, increasing the size of the in-kind transferleads to higher prices. This higher price results in a larger surplus for grocery stores anda lower consumer surplus for individuals not participating in SNAP. Those individualswho participate in SNAP can increase their overall consumer surplus as they haveaccess to more goods, despite the higher price. This result is estimated using thenearly 100% redemption of the SNAP benefits (i.e. assuming the…The way the workers’ compensation system works now, employees permanently injured on the jobreceive a payment of $X each year whether they work or not. Suppose the government were toimplement a new program in which those who did not work at all got $0.5X but those who did work got$0.5X plus workers’ compensation of 50 cents for every hour worked (of course, this subsidy would bein addition to the wages paid by their employers). What would be the change in work incentivesassociated with this change in the way workers’ compensation payments are calculated?You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up afterthemselves.You,ontheotherhand,cancleanfaster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a traderelated analogy to this problem?
- Describe what benefits may come from a reproductive policysuch as China’s. Now describe several problems that mayresult.Do you think a government should be able to enforcestrict penalties for citizens who fail to abide by such a policy?Why or why not? What alternatives to China’s policy can yousuggest for dealing with the resource demands of a rapidlygrowing population?Currentlyyouworkfor40hoursperweekatthewagerateof$20anhour.Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, how many hours will you work? How many free hours will you have?The acceleration Principle describes an accelerating demand for a good or service resulting in considerable increase in entrepreneurial activity and capital accumulation. The resulting investment in producers goods is large and significant but is followed by a decrease ind emand resulting in a disproportional amount of idle investment relative to the reduced demand for a good or service. As a boom progresses the harder it becomes to buy machines and equipment plants are overloaded with orders for these things their customers must wait a long time before machines are delivered. this generally argues against the acceleration principle. Yet the utility use of the acceleration principe is very positive because A. The level of inventory investment can be explained very well with it B. all of the above C. Investment spending is proportional to the change in output D. It is not affected by the cost of capital
- When Alan Greenspan (an economist who wouldlater chair the Federal Reserve) ran a consulting firmin the 1960s, he primarily hired female economists. Heonce told the New York Times, “I always valued menand women equally, and I found that because othersdid not, good women economists were cheaper thanmen.” Is Greenspan’s behavior profit-maximizing? Isit admirable or despicable? If more employers werelike Greenspan, what would happen to the wagedifferential between men and women? Why mightother economic consulting firms at the time not havefollowed Greenspan’s business strategy?Which of the following factors contribute to economicgrowth? a)an increase in the proportion of the population that iscollege educated b)an increase in theaverage wage rate paid to workers c)an increase in thestandard of living d)a decrease in theproductivity of laborPolicymakers sometimes propose laws requiringfirms to give workers certain fringe benefits, such ashealth insurance or paid parental leave. Let’s considerthe effects of such a policy on the labor market.a. Suppose that a law required firms to give eachworker $3 of fringe benefits for every hour that theworker is employed by the firm. How does this lawaffect the marginal profit that a firm earns from eachworker at a given cash wage? How does the lawaffect the demand curve for labor? Draw your answeron a graph with the cash wage on the vertical axis.b. If there is no change in labor supply, how wouldthis law affect employment and wages?c. Why might the labor-supply curve shift inresponse to this law? Would this shift in laborsupply raise or lower the impact of the law onwages and employment?d. As discussed in Chapter 6, minimum-wage lawskeep the wages of some workers, particularlythe unskilled and inexperienced, above theequilibrium level. What effect would a fringebenefit mandate have…