The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change OC. does not change; decreases O D. does not change; increases the demand for labor and the

The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change OC. does not change; decreases O D. does not change; increases the demand for labor and the

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 31CTQ: As technological change makes us more sedentary and food costs increase, obesity is likely. What...

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As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?
Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the goods market? What about the labor market and the financial market?
19. A point on the production possibi:lities fronte reflects an e atainable point with full employmeni of ali resources E. atainable point withou: full employment of all resources e unsttainable point with full employment of all resources d unattainable point without full employment of all resources
A dozen eggs cost $0.88 in January 1980 and $2.11in January 2015. The average wage for productionworkers was $7.58 per hour in January 1980 and$19.64 in January 2015.a. By what percentage did the price of eggs rise?b. By what percentage did the wage rise?c. In each year, how many minutes did a workerhave to work to earn enough to buy adozen eggs?d. Did workers’ purchasing power in terms of eggsrise or fall?
What is a contributing reason for why fewer than 50% of US households were considered middle class in 2015? O Manufacturing jobs have declined due to outsourcing to other countries. The job market for manufacturing and public sector jobs have increased. More companies are "onshoring" and using US produced products. O The job market for advanced degrees has decreased.
Question 3/28 > NEXT BOOKMARK Workers pay tax for Social Security and Medicare every time they get paid. A an income Ba sales Ca property a payroll DELL
High-skilled labor allocation High-skilled labor allocation L computers H shirts shirts L computers H shirts Hshirts H shirts O shirts H shirts L shirts 1 Lshirts Low-skilled labor allocation (to shirts and computers) H computers Lcomputers Hshirts L shirts Lcomputers 0 H computers computers H computers Lcomputers H shirts computers Lcomputers 0 H computers computers L shirts Low-skilled labor allocation (to shirts and computers) H L shirts computers Using these two plots (also on the L7 slides), explain what happens to the labor market (H and L) during the structural change of two industries when the country participates in international trade. Why the original wages (in autarky) can no longer be sustained in this case?
DRYERS 888888888 100 90 80 70 60 50 40 30 20 10 to D O a. The economy has insufficient resources to produce at a more desirable point. O b. The economy's available technology prevents it from producing at a more desirable point. O c. There is widespread unemployment in the economy. O d. The economy is experiencing economic growth. im 10 20 30 40 50 60 70 80 90 100 WASHERS Figure 2-3 Refer to Figure 2-3. Suppose this economy is producing at point D. Which of the following statements would best explain this situation?
High-skilled labor allocation High-skilled labor allocation L computers H shirts shirts L computers H shirts Hshirts H shirts O shirts H shirts L shirts 1 Lshirts Low-skilled labor allocation (to shirts and computers) Hcomputers/Lcomputers Hshirts L shirts Lcomputers 0 H computers computers H computers Lcomputers H shirts computers Lcomputers 0 H Computers computers L shirts Low-skilled labor allocation (to shirts and computers) H L shirts computers Using these two plots (also on the L7 slides), explain what happens to the labor market (H and L) during the structural change of two industries when the country participates in international trade. Why the original wages (in autarky) can no longer be sustained in this case?
What is the impact on the labour market due to a reduction the productivity of workers? Select one: O a. labour supply shifts to the left; wage rate increases and level of employment is lower O b. labour demand shifts to the left; wage rate decreases and level of employment decreases O c. labour demand shifts to the right; wage rate increases and level of employment increases O d. labour supply shifts to the right; wage rate decreases and level of employment is higher Next page age search [田

1. 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.
3. Describe any five important differences between the labour market and the goods market.