Considering the level of the US minimum wage is should be the minimum wage in the US is Positive; normative Normative; positive economics; considering what economics.
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- Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?Suppose that the president proposes a new lawaimed at reducing healthcare costs: All Americans arerequired to cat one apple daily.a. How would this applc,-a.day law affect thedemand and equilibrium price of apples?b. How would the law affect the marginal product andthe value of the niaI)lll,al product of apple pickers?c. How would the law affect the demand andequilibrium wage for apple pickers?Only typed answer and please don't use chatgpt
- Suppose that the president proposes a new lawaimed at reducing healthcare costs: All Americans arerequired to eat one apple daily.a. How would this apple-a-day law affect thedemand and equilibrium price of apples?b. How would the law affect the marginal productand the value of the marginal product of applepickers?c. How would the law affect the demand andequilibrium wage for apple pickers?Using a diagram of the labor market, show the effectof an increase in the minimum wage on the wagepaid to workers, the number of workers supplied, thenumber of workers demanded, and the amount ofunemploymentA visiting American executive finds that a foreign subsidiary inBangladesh has hired a 12-year-old girl to work on a factoryfloor, in violation of the company's prohibition on child labour.He tells the local manager to replace the child and tell her to goback to school. The local manager tells the American executivethat the child is an orphan with no other means of support, andshe will probably become a street child if she is denied work. explain Cultural Relativist based on the statement given
- 8. Suppose the computer industry receives an initial extra income for $100. Think about the multiplier process in the first round. ii). How much income will local workers receive? O. $20 O. $25 0. $45 O. $55Please do A B C onlySupply chain shortages have limited the number of microchips available to car manufacturersin the US. Since every new car needs microchips to control it, we can think of a limit on thenumber of microchips as a quota on the production of new cars. If this quota is binding,which of the following may be a market consequence of a production quota on new cars in theUS market? Do not worry about the underlying facts; only whether the explanations makeeconomic sense given our model. (Select one or more) (a) The quantity supplied of new cars will rise to meet the quota.(b) The quantity supplied of new cars will fall to meet the quota.(c) The quantity supplied is unaffected by a binding quota.(d) The price of new cars will rise until there is no excess demand.(e) The price of new cars will fall until there is no excess demand.(f) Consumer surplus will increase as a result of the quota.(g) Consumer surplus will decrease as a result of the quota.(h) Consumer surplus will be unaffected by the…
- a. A significant and binding increase in the minimum wage. A significant and binding increase in the minimum wage would OA. shift the AS curve upward and to the left. OB. cause a movement downward and to the left along the AS curve. OC. cause a movement upward and to the right along the AS curve. OD. shift the AS curve downward and to the right. O E. not cause any movement along the AS curve and would not shift the AS curve. b. A decrease in labour productivity and no change in wages. A decrease in labour productivity and no change in wages would O A. cause a movement downward and to the left along the AS curve. OB. shift the AS curve downward and to the right. OC. cause a movement upward and to the right along the AS curve. D. shift the AS curve upward and to the left. OE. not cause any movement along the AS curve and would not shift the AS curve. c. A decrease in demand for Canada's exports. A decrease in demand for Canada's exports would A. cause a movement downward and to the left…Suppose BMW runs a great ad campaign thatincreases demand and drives up the price of BMWs.What do you expect will happen to the demand forthe labor in auto-manufacturing plants? Explainhow the equilibrium price and quantity of labor willchangeIn the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve?
