Some economists believe that new videogames have made leisure time a lot more fun. What might this do to the labor market for young people? both equilibrium wages and equilibrium employment to decrease. а. both equilibrium wages and equilibrium employment to b. increase. equilibrium wages to decrease and equilibrium employment to C. increase. equilibrium wages to increase and equilibrium employment to d. decrease.

Some economists believe that new videogames have made leisure time a lot more fun. What might this do to the labor market for young people? both equilibrium wages and equilibrium employment to decrease. а. both equilibrium wages and equilibrium employment to b. increase. equilibrium wages to decrease and equilibrium employment to C. increase. equilibrium wages to increase and equilibrium employment to d. decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Image
According to the theory of efficiency wages,a. firms may find it profitable to pay above-equilibrium wages.b. an excess supply of labor puts downward pressure on wages.c. sectoral shifts are the main source of frictional unemployment.d. right-to-work laws reduce the bargaining power of unions
Suppose the world price of cotton falls substantially. The demand for labor among cotton-producing firms in Texas will . The demand for labor among textile-producing firms in South Carolina, for which cotton is an input, will . The temporary unemployment resulting from such sectoral shifts in the economy is best described as unemployment.
3 Using the information in the Table below answer the following questions: Quantity of labour demanded (billions of hours per year) 70 60 50 40 30 Real wage rate (2007 dollars per hour) 15 20 25 30 35 Real GDP (trillions of 2007 dollars per year) 3 9 14 18 21 Quantity of labour (billions of hours/ year) 20 30 40 50 60 Quantity of labour supplied (billions of hours per year) 10 20 30 40 50 Quantity of NEW Labour Supplied (Billional a) Set up a Two-Tier Graph with the top table describes an economy's labour market and the second table describes its production function. Clearly showing and labeling Potential GDP which is equal to b) An increase in population changes the quantity of labour supplied by 20 billion hours at each real wage rate. Fill in the Column in the above Table & Plot the new Supply Curve in your graph with the new Potential GDP is.
4. Sectoral shifts, frictional unemployment, and job searches Suppose the world price of cotton rises substantially. The demand for labor among cotton-producing firms in Texas will The demand for labor among textile-producing firms in South Carolina, for which cotton is an input, will . The temporary unemployment resulting from such sectoral shifts in the economy is best described as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. O Improving a widely used job-search website so that it matches workers to job vacancies more effectively O Taxing the price of placing a resume or posting a job opening on a job-search website O Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the government
Output per unit of Labor Quebec Vermont Wood Maple Shingles Syrup (pallets) (barrels) 10 8 12 12 What is the price of wood shingles in terms of maple syrup in Quebec?
Given that the inputs are not perfect substitutes nor perfect compliments. A firm employs x amount of workers and has x amount of machines. How the firm would react if wages increase in the short and long term given that the firm wants to keep its output constant? New machines can be ordered within 6 months.