Ceteris paribus, which of the following would be the most likely to contribute to a substantial decrease in cyclicalunemployment?O a.a decrease in the minimum wageO b.a decrease in real GDPОс.an increase in the minimum wageO d. an increase in real GDPFinish attempt

In an economy, cyclical unemployment refers to the situation when people are unemployed due to the…

Answered: Ceteris paribus, which of the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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How does unemployment in the industrialized world compare with unemployment in the United States? O A. Japan has a higher average unemployment rate than the United States and the Eurozone. O B. The Eurozone has a higher average unemployment rate than the United States. C. The Eurozone unemployment rate tends to rise when the U.S. unemployment rate falls, and tends to fall when the U.S. unemployment rate rises. D. The difference between the unemployment rates of the Eurozone and the United States decreased following the 2008-2009 recession. Click to select your answer. DII 80 000 000 F8 F7 F6 F5 F4 F3 F2 F1 * & % 7
1. Consider the classic competitive labor market. W S L DL Which of the following statements is most accurate? If the actual wage is stuck above the equilibrium wage (perhaps via labor contracts) and then increases further (with no shifts in demand and supply of labor), then the unemployment rate would increase. If the actual wage were stuck above the equilibrium wage, an increase in demand for labor (rightward shift) would make the unemployment rate go higher. If the actual wage is stuck above the equilibrium wage, the wage will tend to rise further once the stickiness of wages is gone (perhaps due to labor contracts being up for renewal. O None of the other options. ○ If the actual wage were stuck above the equilibrium wage, we would have a shortage of workers (excess demand for labor).
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(a) Explain the difference between the nominal wage and the real wage. Using a wage setting curve and aprice setting curve illustrate how the real wage determines the equilibrium level of employment in theeconomy. (b) On a new diagram use a wage setting curve and a price setting curve to illustrate the change to theequilibrium level of employment if there is a reduction in the degree of competition faced by firms. Clearlystate what will occur to the real wage and the level of unemployment. (c) Suppose the economy has low aggregate demand with high unemployment. Use a new wage setting curveand price setting curve diagram to explain how the economy could automatically adjust back to equilibrium.Would this occur in reality? Justify your answer.
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Ceteris paribus, which of the following would be the most likely to contribute to a substantial decrease in cyclical unemployment? O a. a decrease in the minimum wage O b. a decrease in real GDP O c. an increase in the minimum wage O d. an increase in real GDP