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![The backward-bending supply curve for labour
exists-
(A) Only in inflationary conditions doid W
(B) Wherever income effect overcomes substitu-
tion effect
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- Explain the rule that proft-maximizing frms follow when they decide howmuch capital and labor to hire.Because the minimum wage is not indexed to inflation, when there is inflation thenominal minimum wage. and the real minimum wage. A. remains constant; remains constant B. None of the above OC. increases; decreases D. remains constant; decreases OE. decreases; remains constantO A. II, Guaranteed Basic Income OB. IV, Wage Subsidy OC. II, Guaranteed Basic Income O D. II, Earned Income Tax Credit
- To say that the demand for labor is a derived demand means that the demand for labor depends upon the demand for the product produced by labor O the supply of labor rises when the demand for labor falls changes in the demand for labor lead to changes in the demand for the product produced by labor the quantity of labor is derived by the real wage rate2. Assume that in the state of Kentucky, Bill is guaranteed S400 of welfare benefits if he does not work at all. They are allowed a disregard of $100 and face a tax rate of 50%. He has a nonlabor income equal to zero and if the works he can carn a wage of $10 per hour. His total time is 200 hours a woek. a. How many hours of leisure is Bill consuming at his break even point? b. Graph the budget constraint, labeling the break even point and other breaks in the curve as well as slopes of each line. Draw Bill's indifference curves such that he chooses to work 5 hours a month.refer to the following diagram. Suppose that all other nonwage aspects of the jobs in fhese two markets are identical. We would expect labor supply in B to increase if there are better prospects for advancement in A True of False. Explain
- illustrate graphically a decrease of one of the determinants of aggregrate supply.Suppose that a consumer cannot vary hours of work as he or she chooses. In particular, he or she must choose between working g hours and not working at all, whereg> 0. Suppose that dividend income is zero, and that the consumer pays a tax Tif he or she works, and receives a benefit b when not working, interpreted as an unemployment insurance payment. a Click the icon to view information about the initial model used here. Consumption, C W29-T w,q-T Leisure, I h-g BE a. If the wage rate increases, how does this affect the consumer's hours of work? What does this have to say about what we would observe about the behaviour of actual consumers when wages change? After the wage rate increases, an individual consumer who originally did not work at all V After the wage rate increases, an individual consumer who originally worked q hours V This suggests that if an economy includes many consumers with many different sets preferences (all satisfying the assumptions of the initial model) and the…Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…
- If older workers have a tax elasticity of labor supply equai to 014, by how much will their work activity decline when they reach the Social Security earnings test limit? (Recall that the Social Security earnings test limit is 50 percent. Assume explicit taxes of 20 percent below that limit. Use the midpoint method.) Instructions: Enter your response as a positive percent rounded to one decimal place. Do not include a negative sign () with your answer.Consider an economy with two labor markets—onefor manufacturing workers and one for serviceworkers. Suppose initially that neither is unionized.a. If manufacturing workers formed a union, whatwould you expect to happen to the wages andemployment in manufacturing?b. How would these changes in the manufacturinglabor market affect the supply of labor in themarket for service workers? What would happento the equilibrium wage and employment in thislabor market?Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 14 $38 2 14 28 3 14 24 4 14 20 5 14 14 6 14 10 a. Show graphically this firm's labor supply and marginal resource (labor) cost curves. Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided 'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all required polnts for each curve. Тools MRC MRP 1. 3 4 5 6 7 Quantity of labor Wage rate (dollars)
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